en.Wedoany.com Reported - Loxam, Europe's largest equipment rental company, has announced the acquisition of a majority stake in Mills Locação, Serviços e Logística, a leading Brazilian aerial work platform rental company.
Loxam will purchase a 50.3% stake in Mills from the existing major shareholders—the Nacht family, Southern Cross Group, and Sullair Argentina. Mills is a publicly listed company that reported revenue of 1.8 billion Brazilian reais (approximately 308 million euros) last year. It operates a rental fleet of around 16,000 units, including aerial work platforms, heavy equipment, formwork, and shoring systems, employs approximately 2,500 people, and has 65 branches across Brazil.
Under the agreement, Loxam has committed to an acquisition price of 16 Brazilian reais per share (approximately 2.74 euros), representing a 22% premium over the closing price on May 22, valuing Mills at approximately 3.77 billion Brazilian reais (around 650 million euros). The transaction includes an adjustment clause based on the 31-day forward exchange rate, and the purchase price will be paid in full in cash upon closing. Loxam has also agreed to launch a public tender offer for all remaining shares at the same price. Currently, 47.3% of Mills' shares are publicly traded, with the remainder held in treasury.
The completion of the transaction is subject to customary conditions, including approval by the Administrative Council for Economic Defense (CADE). Founded in 1967, Loxam is Europe's largest equipment rental company, with revenue of 2.5 billion euros last year and 11,600 employees across 1,130 locations in 28 countries on four continents. The company began operations in Brazil in April 2015 with the acquisition of rental company Degraus, followed by the acquisitions of Motormac Rental and A Geradora in 2023. It currently operates under the names Loxam do Brasil and A Geradora, with a general rental fleet across 40 locations, generating revenue of 590 million Brazilian reais (approximately 101 million euros) last year.
Loxam CEO Gérard Déprez stated: "We are excited about this transformative transaction and welcome Mills' employees to the Group. Mills and Loxam have highly complementary businesses and share common corporate and social values. We particularly recognize the quality and determination of the Mills management team, who have successfully led the company's profound transformation in recent years. We look forward to joining forces, sharing experiences, and combining expertise to continue delivering excellent service and creating more value for our customers, whether local SMEs or large international clients." Mills Chairwoman Francisca Nacht, a third-generation member of the founding family, said: "This transaction fulfills the wish of Mills' founding family: to protect the company's legacy by partnering with a global industry leader. In the Loxam Group, we have found a strong resonance of values—business ethics, care for employees, and a long-term vision—which gives us confidence that Mills will continue to grow and thrive with its distinctive character." CEO Sergio Kariya added: "Mills has reached this milestone thanks to a talented and dedicated team, robust operations, and consistent results. Our goal is to further accelerate the company's growth, now as part of a multinational organization and the world's fifth-largest equipment rental group. We are certain that this new chapter will bring even greater growth opportunities for the company, our customers, and the employees who make Mills what it is every day."
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