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GAM acquires 51% of GDH and becomes the main Hyster and Yale® distributor in Spain

With this operation, the Asturias company strengthens its position as the leading distributor of the top machinery brands in Spain.

 GAM has the option to purchase the remaining 49% of Grupo Dynamo Hispaman, S.L. in the future.

GAM has acquired a 51% shareholding in Grupo Dynamo Hispaman S.L. (GDH), one of the leading forklift distribution firms in Spain.

GDH is the main official Yale® distributor in Spain, one of the largest forklift brands, which covers more than 50% of its distribution in the territory. Another of the brands, Hyster, is already distributed exclusively by GAM in Spain, Portugal and Morocco, making the Asturias company the leading supplier of the two major brands in the market. In 2021, GDH’s turnover was around 11 million euro. It has 72 employees who will continue their work under the GDH brand, in nine work centres, the main ones in Valencia, Madrid and Burgos. There is also continuity of the current managers and shareholders within the GAM group.

The operation, which represents an «Enterprise Value» (valuation of the company’s capital and debt) of 8 million, also includes a purchase option, so that GAM can acquire the remaining 49% in the future.

GAM was already an exclusive distributor of Hyster in Spain and Portugal and, after the acquisitions of Recamasa and the Portuguese cargo movement business ASCENDUM made last summer (both in July 2021) and the current acquisition of GDH, has become the main Yale® distributor with more than 70% coverage in Iberia.

According to Pedro Luis Fernández, Chairman and CEO of GAM, «This acquisition reinforces our service capacity in Spain and continues the growth strategy that began last year with the acquisition and shareholding of other companies, so that GAM becomes increasingly solid and diversified. The acquisition has brought a highly motivated and qualified team to GAM, as well as a highly recognisable brand in the market.»

«GAM’s majority shareholding acquisition in GDH is extraordinary news for GAM and for Yale, and will enable investments to be made to continue the company’s expansion. In addition, being part of the leading company in machinery solutions in Iberia is a source of pride,» said Jose Manuel Loeches, Jesús Ortega and Santiago Cortés (current GDH shareholders and managers).

Christophe Maillet, Deputy Chairman of Dealership Network Development at Hyster and Yale®, says that «We are very pleased with the investment that GAM has made in Iberia, reinforcing collaboration and joint work to drive the growth of our brands.»