Alimak to Acquire Longtime Canada-Based Construction Customer

Stockholm, Sweden-based Alimak Group, a rack-and-pinion construction elevator specialist, announced on July 18 an agreement to acquire 100% of the shares of Burnaby, Canada-based Tall Crane Equipment Ltd., which has been an Alimak Construction Division customer for more than 30 years. Tall Crane Equipment is a licensed elevator contractor that provides hoist and crane rentals, qualified licensed personnel and both on- and off-site maintenance. The purchase price was approximately SEK215 million (US$21 million), with additional funds up to US$10.2 million based on fulfillment of sales and profit targets. Tall Crane Equipment’s revenue on the last year was SEK130 million (US$12.7 million), which Alimak said “will positively contribute to the Construction Division’s EBITA margin.” Closing is expected sometime during the third quarter.