President and CEO of Cramo to become an Executive team member in the combined Boels-Cramo Group

Boels Topholding B.V. (‘Boels’) has on February 6, 2020 completed the Tender Offer for Cramo. As of that date Cramo is officially part of Boels group of companies. Boels has announced its intention to acquire all the shares in Cramo and to cause Cramo to apply for delisting of its share from Nasdaq Helsinki Ltd as soon as permitted and practically possible under the applicable laws.

The acquisition of shares in Cramo by Boels will lead to certain changes in the governance of Cramo. Boels proposed certain changes to the composition of the Board of Directors of Cramo and proposes certain changes in the Executive team of the combined Boels-Cramo Group as well.

President and CEO of Cramo, Mr. Leif Gustafsson, will continue in his current role until the de-listing of Cramo from the official list of Nasdaq Helsinki Ltd is completed. He will in parallel commence his new role as an Executive team member in the Boels-Cramo organization from 15 April 2020.

As soon as permitted and practically possible under the applicable laws, the combined Boels-Cramo organization will be divided into two main business areas – Central Europe, headed by Mr. Pierre Boels as the CEO and Northern Europe which will be led by Mr. Leif Gustafsson as the CEO.

I am very pleased to welcome Leif as a member of the Executive team and as CEO for Northern Europe. Leif’s strong track record of leading organizations in transition and generating growth in an international environment are vital elements to accomplishing our strategy and successfully executing future operations. I am more than confident that operations in Northern Europe will continue to thrive under his leadership, says Pierre Boels, President and CEO of Boels-Cramo Group.

The Cramo brand in Central Europe will as soon as permitted and practically possible under applicable laws be integrated into the Boels Rental brand whereas Northern Europe will continue to operate under the Cramo brand.

Cramo is a leading provider of equipment rental services in Northern Europe and a frontrunner in sustainability and digital innovation in the rental industry. With our innovative solutions, digitalized offering, and skilled employees, we are well positioned to capture the opportunities of changing markets and customer needs. We are embarking on a new journey and I could not be more excited about taking Cramo to the next level as a part of the combined Boels-Cramo organization, says President and CEO of Cramo, Mr. Leif Gustafsson.