Cargotec acquires Hatlapa Group
Cargotec's MacGregor has entered into an agreement to acquire privately owned Hatlapa Group, merchant ship and offshore deck equipment provider, for an enterprise value of EUR 160 million, said in the company's press release. Hatlapa's main products are a wide range of winches, steering gears, compressors, multi-deck-handler cranes, and other winch related handling equipment. The company's service business includes spare parts, maintenance, refurbishment and training. By acquiring Hatlapa, Cargotec will strengthen MacGregor's portfolio and market position and become a global leader in winches.
Hatlapa was founded in 1919 and is headquartered in Uetersen, Germany. Today, the company has 585 employees of which the majority is located in Germany, Norway and Asia. Its sales are expected to be around EUR 120 million in 2013. The company has production facilities in Germany and Norway for manufacturing strategically important components and products, but approximately two thirds of the production is outsourced to third parties.
"This acquisition is an important step in executing MacGregor's growth strategy and providing customer-focused solutions in both merchant shipping and offshore segments. The markets are consolidating and MacGregor wants to take an active part in this development. Hatlapa complements MacGregor's present offering and Hatlapa's strong position in winches will make us a leading player in global winch markets. We see a significant growth potential in offshore and are now better equipped to grasp those opportunities. Hatlapa has an excellent management with pioneering attitude similar to MacGregor. Together we make a strong team with good results. Hatlapa also provides excellent opportunities within services," says Mikael Mäkinen, President, MacGregor.
"MacGregor provides us access to a larger customer base and unique world-wide service network. Joining forces creates exciting opportunities for innovation and expansion into new markets," says Dr. Hubertus Hatlapa, Chairman, Hatlapa. "Our operating culture is alike and becoming a member of MacGregor is seen as positive news to all of us at Hatlapa," Dr. Hatlapa continues.
Hatlapa Group's three shareholders will continue to have an active role in the business after the transaction. This commitment is reinforced through their participation to a Cargotec level capital loan of EUR 35 million which in part consideration of the purchase price can be transferred to MacGregor equity prior to planned IPO. This arrangement supports planned IPO and MacGregor's growth plans.
Hatlapa will be fully integrated into MacGregor operating structure and will continue its business as a new business line within MacGregor. Hatlapa's reporting will be consolidated into MacGregor's financial reporting once the transaction has been completed. The acquisition is subject to regulatory approvals from competition authorities, which are expected to be received during the second half of 2013.
Cargotec improves the efficiency of cargo flows on land and at sea - wherever cargo is on the move. Cargotec's brands MacGregor, Kalmar and Hiab are recognised leaders in cargo and load handling solutions around the world. Cargotec's global network is positioned close to customers and offers extensive services that ensure the continuous, reliable and sustainable performance of equipment. Cargotec's sales totalled EUR 3.3 billion in 2012 and it employs approximately 10,000 people.