TIP Group Expands Nordic Business with Acquisition of Three Companies
Amsterdam, July 4th, 2023 – TIP Group, a leading provider of transportation and logistics solutions, is thrilled to announce a significant milestone in its expansion of the Nordic business. Today, TIP has successfully acquired three companies that will substantially boost its operations in the region. The acquired companies are LAST og TANK AS in Norway, Savon Rekkahuolto Oy in Finland, and the truck business of EURO-Leasing A/S in Denmark.
Announcing details of the expansion, Bob Fast, TIP President and CEO, said “With these important acquisitions TIP has achieved another milestone in our expansion in Europe. It increases our footprint in the Nordics, allowing us to increase the supply, availability, maintenance and repair of trucks and trailers in Norway, Finland and Denmark and expands and diversifies our customer base.”
The details of each acquisition are as follows:
LAST og TANK AS in Norway:
LAST og TANK AS is a truck and trailer workshop providing service for all types of work across multiple brands and asset types. They have been in operation since 1995. Located in the south-east of Norway, approximately 20km from Oslo, the workshop covers two major highways in a region with significant infrastructure development projects. Combining high volume of heavy vehicles due to the regional rail and highway projects along with a large population of regional customers, this acquisition is a great opportunity for TIP Group to increase our activity in multiple types of heavy assets, as well as gaining new leasing and rental customers. This acquisition brings the total number of workshops in Norway to four.
Savon Rekkahuolto Oy in Finland:
Savon Rekkahuolto Oy is a truck and trailer maintenance and repair business, which also performs body builds and specialized vehicle projects. They are an authorized service partner for IVECO, DAF and MAN. They have been in operation since 2014 and the two workshops are located in Varkaus and Mikkeli. The area covers major industries and heavy transport volume, providing us with great opportunities to grow the existing business. Broadening our network with 2 locations in the eastern part of Finland will enable us to grow our business and strengthen our service levels for existing clients. This acquisition brings the total number of workshops in Finland to five.
The truck business of EURO-Leasing A/S in Denmark:
TIP Group has successfully closed a deal with EURO-Leasing A/S to acquire their truck business, following the earlier acquisition of their trailer business. This acquisition adds a fleet of approximately 300 young trucks, from the manufacturer MAN to TIP's portfolio.
TIP is committed to ensuring the seamless continuation of business for all customers and suppliers of the three acquired companies.
According to Christian Petersen, TIP Vice President Nordics: “These acquisitions further solidify TIP's growth trajectory in the Nordics, building upon the previous acquisition of the trailer business of EURO-Leasing A/S in Denmark and the workshop business of Släp & Kaross in Sweden. TIP is working closely with the acquired companies to facilitate smooth and effortless transitions and we warmly welcome all our new employees to the TIP family.”
About TIP Group
TIP Group, a leading equipment service provider in Europe and Canada, is headquartered in Amsterdam, the Netherlands. We specialize in lease and rent of road freight and intermodal transport equipment, services such as maintenance and repair, sale of used equipment, and other value-added services, such as digital solutions. We provide these to transportation and logistics customers from more than 130 locations spread over 18 countries in Europe and Canada. For more information, please visit our website or follow us on LinkedIn.