MacGregor, part of Cargotec, has signed an agreement to acquire Rapp Marine Group (RMG) in order to strengthen its offering for the fishery and research vessel segment.
“We are happy to join forces with MacGregor and be part of the company. The agreement will benefit the niche customer base, which will be now offered a wider portfolio of safe and efficient equipment from one provider to their specific vessels,” said Terje Arnesen, CEO of RMG.
MacGregor’s existing portfolio includes already various deck handling equipment, such as cranes and booms, but with RMG, MacGregor is able to offer complete solutions with advanced winches and related control systems.
“I am happy to see that Rapp Marine Group, under our five years of ownership, has developed to become a global leader in providing winches and related equipment to fishery and research vessels. Many of these projects have been developed and delivered in close cooperation with MacGregor Triplex, and as such I am convinced that the positive development in RMG will continue under Macgregor’s new ownership,” said Bjørn Hesthamar, managing partner in Nord Kapitalforvaltning, the PE-company now selling RMG.
The enterprise value of the acquisition was approximately EUR 16 million (USD 18.96 million).
MacGregor has a strategic interest in widening services for customers within fishery and research segment. Products needed for these demanding vessel types have to be safe, robust and reliable with a good after sales network, said Michel van Roozendaal, President, MacGregor.
“This is exactly what our combined offering is able to provide, be it fishery segment that operates in harsh conditions, or solutions needed for research vessels to handle sophisticated tools and equipment,” he added.
The results of RMG business will be consolidated in MacGregor business area results once the transaction has been completed which is expected during the first quarter of 2018.
“With MacGregor’s Triplex deck handling portfolio we already today have a very strong position in the fishery and research segment and with this investment as part of our growth strategy we are able to further strengthen our position,” states Høye Høyesen, Vice President, Advance Offshore Solutions, MacGregor.
RMG employs about 120 people with main locations in Norway, the USA and United Kingdom. The sales in 2017 are estimated to be approximately EUR 40 million (USD 47.41 million), of which approximately 30% is related to service. RMG’s profitability (EBIT-margin) is on the same level as MacGregor’s current profitability.
Sea News, December 22