Cargotec sells MacGregor to Triton, to rebrand as Hiab

Cargotec had been seeking to sell MacGregor as part of a wider restructuring in which it de-merged the business of Kalmar and is going to rebrand.

It is selling MacGregor to funds managed by Triton for an enterprise value of EUR480m. Cargotec expects to record a EUR200m tax exempt loss on the sale in Q4 2024.

The company had been “seeking a solution” for MacGregor since 2023. “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,” said Cargotec CEO Casimir Lindholm.

“The proceeds from the transaction will boost Hiab’s ambitious growth plans through innovation and M&A. 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,” he added.

The deal is expected to close by 1 July 2025 at the latest.

On completion of the deal, the only business remaining under the Cargotec umbrella will be Hiab. Cargotec plans to propose shareholders to that the company changes its name to Hiab.

In conjunction with the name change, current CEO of Cargotec Lindholm plans to stand down, he will be replaced by Scott Philips, the current President of Hiab. Current Cargotec CFO Mikko Puolakka would continue as CFO of the standalone Hiab.

Related:MacGregor set to lay-off a further 10% of its workforce