Cramo strengthens its position in modular space market by acquiring Nordic Modular Group

Cramo Plc     Stock exchange release      26 June 2018 at 09.00 (EET)

Cramo strengthens its position in modular space market by acquiring Nordic Modular Group

Cramo strengthens its position in the Nordic modular space market and expands its business model to include inhouse development and production of modular solutions by signing an agreement to acquire the Swedish based Nordic Modular Group Holding AB ("Nordic Modular Group", "NMG", “the Company”) from Strukturfonden HC11 AB, a subsidiary of Nalka Invest AB ("Nalka Invest"), and certain minority shareholders.

The enterprise value of the transaction will be approximately SEK 2.725 billion, which will be financed by bank financing and convertible note, which may be used by the sellers to reinvest in Cramo’s Modular Space business under certain conditions. Nalka Invest is firmly looking forward to investing in the combined modular space business in the future.

NMG, well established player in the modular space market in the Nordics, was founded in 1956. The Company’s main market is Sweden with operations also in Norway, Denmark and Finland. It employs 230 persons with reported sales of SEK 779 million and EBITA SEK 160 million in 2017. In Q1/18, the sales of NMG increased by 26% compared to Q1/17. The Company currently serves municipal customers, county councils and private companies with a primary focus on schools, pre-schools, elderly housing solutions and offices. It develops, manufactures, sells and rents relocatable buildings through its three subsidiaries Temporent AB, Nordic Modular Leasing AB and Flexator AB. Temporent rents out modular solutions with a fleet consisting of approximately 6,500 modules, serving primarily municipalities and large private companies. Nordic Modular Leasing leases out modular units with a primary focus on longer term contracts. Flexator designs, manufactures and sells professional modular buildings based on standardised building systems from site huts to advanced solutions.

“The acquisition is fully in line with our Shape and Share strategy and will strengthen Cramo’s position in the Nordic modular space market supporting our ambitions to grow profitably. NMG is an ideal complement to our current modular business operations, strengthening our competitiveness in the Nordics and creating a platform for further international expansion. As announced in December 2017, we are investigating the separation and potential demerger of the Modular Space (Cramo Adapteo) business division. This assessment of different strategic alternatives continues and will be carried out during 2018. By bringing inhouse development and production capabilities, the acquisition of NMG further strengthens Cramo’s Modular Space business on the overall Nordic modular space market and is therefore expected to increase Cramo’s latitude in exploring strategic alternatives for the Modular Space business. In addition, the transaction expands our business model and enables the development of new products and customer solutions,” says Leif Gustafsson, CEO and President of Cramo Group.

“This is an excellent opportunity to combine NMG’s operations with another premium company in the modular space market which is capable of taking the modular business to the next level. I’m convinced that the company has found a great new owner with Cramo who will continue to develop and grow the business together with professional employees at NMG”, says Henrik Jonsson, Managing Director of Nalka Invest.

The transaction is subject to merger control clearance from SCA (Swedish Competition Authority). Cramo expects that the acquisition of Nordic Modular Group to be closed during the end of 2018.


Leif Gustafsson
President and CEO

Further information:  

Leif Gustafsson, President and CEO, tel: +46 70 691 2550
Aku Rumpunen, CFO, tel: +358 40 556 3546,
Mattias Rådström, SVP Marketing, Communications and Investor Relations, tel: +46 70 868 70 45,


Nasdaq Helsinki Ltd
Main media

Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in about 300 depots in fourteen countries. With a group staff around 2,500, Cramo's consolidated sales in 2017 was EUR 729.5 million. Cramo shares are listed on Nasdaq Helsinki Ltd.

Cramo Adapteo is the sub-brand for Cramo’s modular space operations. 

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