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.
The enterprise value of the acquisition was approximately €16 million ($19 million).
With RMG, MacGregor is able to expand upon its existing portfolio which already includes various deck handling equipment, such as cranes and booms, to now offer complete solutions with advanced winches and related control systems.
"MacGregor has a strategic interest in widening services for customers within fishery and research segment," said Michel van Roozendaal, President, MacGregor. "Products needed for these demanding vessel types have to be safe, robust and reliable with a good after sales network. 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."
According to Terje Arnesen, CEO of RMG, "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."
Høye Høyesen, Vice President, Advance Offshore Solutions, MacGregor, said, "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."
"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," said Bjørn Hesthamar, managing partner in Nord Kapitalforvaltning, the PE-company now selling RMG. "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."
RMG employs about 120 people with main locations in Norway
, the U.S. and U.K. The company’s 2017 sales is estimated to be approximately €40 million ($47.4 million), of which approximately 30 percent is related to service. RMG's profitability (EBIT-margin) is on the same level as MacGregor's current profitability.
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.