CataCap creates Denmark’s largest equipment rental company

21. April - 2015

The private equity fund CataCap has, together with Danish pension fund Danica and French Access Capital Partners, acquired and merged two of Denmark’s leading equipment rental companies, GSV Materieludlejning and Pitzner Materiel. Together they form a one-stop shop and account for nearly one fifth of the DKK 3 billion rental market for construction equipment in Denmark. CataCap will become the majority shareholder in the combined company, which continues under the name GSV Materieludlejning. GSV senior management will step in as co- owners.

The acquisition and merger of GSV Materieludlejning and Pitzner Materiel marks the fourth investment for the nearly 2-year old private equity fund CataCap, which is focused on SMEs with significant growth and development potential. With Access Capital Partners and Danica as co- investors, it is the second time that CataCap brings a foreign investor into a Danish company.

”We’ve had our eyes set on the very fragmented equipment rental market in Denmark for a long time. GSV and Pitzner are active in different segments and both have a strong position in the market. While GSV has delivered strong topline growth and earnings through a sharp focus on customers and products, Pitzner has optimized earnings by implementing one of the industry’s most advanced fleet management systems during the same period. Merging the two companies is therefore a dream scenario and we look forward to developing the new GSV together with management and employees,” says CataCap Partner Vilhelm Hahn- Petersen, who sees further opportunities for consolidation in the sector.

One-stop shop for the customers
The new GSV, which rents out machines and equipment to construction companies, the public sector, industrial and civil engineering customers, has approximately 250 employees and a national network of depots. The company will have the market’s widest product portfolio, covering lifts, platforms, scaffolding, pavilions and modules as well as heavy equipment, used in construction and civil engineering projects.

”The new GSV will become a one-stop shop for the customers. I look forward to being able to offer our customers a better and wider range of products and an even higher level of service,” says the current CEO of GSV Dan Protin, who will become CEO and co-owner of the new company.

The now former Chairman of Pitzner Materiel, Morten Pitzner, also views the merger as the right move.

”Pitzner and GSV complement each other in many ways. As such, the merger creates a series of unique opportunities for both customers and employees. I look forward to following this development,” says Morten Pitzner.

Carsten Knudsen, who has extensive international industrial experience from executive management positions at AP-Moeller-Maersk Group, ISS and Esko, has been appointed Chairman of GSV Materieludlejning.

Danica and Access Capital Partners are both investors in CataCaps first fund, which closed at DKK 1.1 billion in September 2014.
For more information, please contact:

 

CATACAP

Vilhelm Hahn-Petersen, Partner
+45 71 99 19 01
vhp@catacap.dk

 

GSV

Dan Protin, CEO
+45 24 23 27 62
dan@gsv.dk

 

Pitzner

Morten Pitzner
Group CEO, Axel Pitzner Fonden
+45 40 86 86 70