Wacker Neuson to expand concrete technology business with acquisition of Enar Group
Enar Group manufacture a range of internal concrete vibrators, as well as vibratory plates, rammers and walk-behind rollers.
The Wacker Neuson Group, a leading manufacturer of light and compact equipment, has reached an agreement with Spanish majority owners Enarco SA to acquire up to 100% of the Enar Group. Enar is a manufacturer of lightweight construction equipment specializing in concrete consolidation. Besides a wide range of internal concrete vibrators, the company‘s product portfolio includes vibratory plates, rammers and walk-behind rollers for soil and asphalt compaction.
The aim of the new alliance is to further strengthen the market position of the Wacker Neuson Group and expand its international reach, particularly in the field of concrete technology.
“With the acquisition of the Enar Group, we have found the perfect way to expand our offering in the rapidly growing concrete technology market. Enar’s products are well positioned and the company has established strong market access, creating very promising opportunities for our group,” said Alexander Greschner, Group Sales Director Wacker Neuson.
Enar is a leading company in its sector with a particularly strong presence in the European and Latin American markets. The company operates globally, generating sales of around €22 million in 2021. Enar manufactures its products in the Spanish city of Zaragoza and employs around 130 people.
“We are delighted to have gained a strong partner in Wacker Neuson, opening up excellent long-term prospects for our company and the Enar brand. I am convinced that the merger will offer our employees the best possible development opportunities and that we – together with Wacker Neuson – will be even better placed to meet the needs of our customers as we move forward,” said Jose Luis del Prim Imaz, Chief Executive Officer of Enarco SA
Given Enar’s healthy position in the market and the high level of customer acceptance of its products, Wacker Neuson will operate Enar as an independent brand. “Concrete technology has always been one of the core competences of the Wacker Neuson Group. This acquisition will strengthen this line of business and give us access to new customer segments. Enar distributes its products through sales channels that are not core to our Wacker Neuson brand, so it’s a win-win for both parties,” said Greschner.
The transaction is expected to close in the first half of 2022, subject to regulatory approvals and the completion of the acquisition of all individual shareholder shares up to a certain threshold by the Wacker Neuson Group. It is expected that the purchase price will be paid in cash and in own shares.