Canaccord Genuity advises Barclays Private Equity on its disposal of Laho Equipement
Last week, our client Barclays Private Equity agreed the sale of Laho Equipment, France's third-leading equipment rental provider, to European market leader Loxam.
Laho Equipment was acquired by Barclays Private Equity in May 2005 after having completed a strategic shift away from distribution to a pure rental model. The company counts 119 branch locations across France and recorded £124m of turnover last year.
Following a brief preparation period, we approached Loxam as it was identified as the preferred bidder by Barclays Private Equity and the management. The group came back to us two weeks later with a fully-financed, binding offer which was accepted by the shareholders.
The acquisition will allow Loxam to further solidify its leading position in France, increasing its market share to c. 19% post-acquisition. Loxam plans to capitalise on Laho's strong brand name and loyal customer base by continuing to operating its branch network independently. Loxam currently operates under several banners in France and throughout Europe and generates revenues of £540m through its 500 branches in 9 countries.
The transaction is subject to the approval of the French competition authorities.
Canaccord Genuity was financial adviser to Barclays Private Equity.
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