Cargotec will sell its MacGregor business unit to funds managed by Triton for an enterprise value of EUR480 million (USD506.7 million)
In July 2022, HLPFI reported that the divestment of MacGregor was part of Cargotec’s long-term business plan, so it could focus on the development of its Hiab and Kalmar brands.
On November 14 Cargotec confirmed the sale of MacGregor and its intention to list Kalmar as a separate company.
Cargotec is also drafting a proposal to change its name to Hiab. Simultaneously, as the name change enters into force, the current president and ceo of Cargotec, Casimir Lindholm, has announced his intention to step down from the roles. The company’s board would appoint Scott Phillips as his successor.
The transaction is expected to close by July 1, 2025 at the latest.
“The agreement to sell MacGregor represents the last major milestone in our project to unlock shareholder value by separating Cargotec’s businesses into standalone companies. The two-year project has progressed according to our plan and is now in its final stages. The proceeds from the Transaction will boost Hiab’s ambitious growth plans through innovation and merger and acquisitions. MacGregor will become a strategic asset for its new owner who will develop and put full focus on the business, which will enable further growth and profitability improvement,” said Lindholm.
