With this operation, the Asturian company strengthens its position as the leading distributor in Spain of the top machinery brands.
GAM has the option to purchase the remaining 49% of Grupo Dynamo Hispaman, S.L. in the future.
GAM Solutions has acquired a 51% stake in Grupo Dynamo Hispaman S.L. (GDH), one of the leading forklift distribution companies in our country.
GDH is the main official distributor in Spain for Yale®, one of the largest forklift brands, covering more than 50% of its distribution in the territory. Another one, Hyster, is already exclusively distributed by GAM in Spain, Portugal, and Morocco, making the Asturian company the first provider of the two major brands in our market. In 2021, GDH had a turnover of around 11 million euros. It has 72 employees who will continue their work under the GDH brand, distributed across nine work centers, the main ones being in Valencia, Madrid, and Burgos. Similarly, there is continuity of the current managers and shareholders who will be integrated within the GAM group.
The operation, which involves an “Enterprise Value” (valuation of the company's capital and debt) of 8 million, also includes a purchase option, allowing GAM to acquire the remaining 49% in the future.
GAM was already the exclusive distributor of Hyster in Spain and Portugal, and following the acquisitions of Recamasa, the load handling business of the Portuguese company ASCENDUM - both in July 2021 - and the current GDH acquisition, it becomes the main distributor of Yale® with more than 70% coverage in Iberia.
According to Pedro Luis Fernández, President and CEO of GAM, “With this acquisition, we strengthen our service capacity in Spain and continue with our growth strategy initiated last year with the purchase and participation in other companies, to become increasingly solid and diversified. We are adding to GAM a highly motivated and qualified team, as well as a very recognizable brand in the market.”
“The majority entry of GAM into GDH is extraordinary news both for us and for Yale, and it will allow us to make investments to continue with our expansion. Additionally, being part of the leading machinery solutions company in Iberia is a great pride,” said Jose Manuel Loeches, Jesús Ortega, and Santiago Cortés (current shareholders and managers of GDH).
Christophe Maillet, Vice President of Dealer Network Development at Hyster and Yale®, highlights that “we are very pleased with the investment that GAM has made in Iberia, strengthening the collaboration and joint work to drive the growth of our brands.”
About Grupo Dynamo Hispaman, S.L.
GDH is the result of the merger of the companies Hispania de Manutención and Grupo Industrial Eco Dynamo Manutención, and is currently the main distributor of Yale® in Spain, covering more than 50% of the territory.
