Balat had revenues of €27m in 2018 and has about 150 employees. The transaction, which is subject to review by CNMC, the Spanish competition authority, is expected to close in the first quarter of 2020.
Mike Smith, Chairman of Algeco, said I am delighted to strengthen our presence in Spain through the acquisition of Balat, our second purchase in recent months. Our southern European business has been one of our strongest performers and we see ample opportunities to offer our 360 range of value-added products and services to Balat's customers.
Rafael Baranda, Managing Director of Balat, said We are looking forward to joining the Algeco Group and extending the range of services we can offer to our customers. Both companies are united in their common interest to strengthen the businesses and to enhance the career opportunities of their people.