Ge neral de Alquiler de Maquinaria

Nmás1’s portfolio company General de Alquiler de Maquinaria (GAM) (August 2003, page 19) acquired the remaining 40% stake which it did not already own in the truck hire firm Aldaiturriaga. The acquisition was part of Nmás1’s strategy to consolidate Spain’s highly-fragmented machine hire sector via buy-and-build transactions. The sector is made up of around 1500 companies which are mainly small, family-owned and locally-based. GAM itself hires out machinery to construction companies and industrial businesses. The company hires out dumper trucks, hydraulic wheelbarrows, electric generators, cranes and tow trucks. The firm achieved EBITDA of around €23m on turnover of €54m in 2002. Employing a staff of over 500, GAM is based in Oviedo in Asturias.

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