GAM strengthens its position in Portugal with the acquisition of Ascendum’s load handling division

The Spanish multinational GAM (BME: GALQ), a company specializing in comprehensive machinery solutions for industry, today announces the purchase of the load handling machinery business area from Ascendum Group, a business holding company based in Lisbon with extensive activity in the industrial machinery sector. The acquisition was made for an amount of four million euros and, with it, the Asturian firm strengthens its leading position in its sector in Portugal.

Through this transaction, GAM Portugal, the Portuguese subsidiary of the company, becomes the distributor of Hyster and Yale® forklift brands in the Portuguese market. This load handling division achieved a revenue of four million euros last year. Thus, GAM Portugal will integrate the client portfolio, assets, and human resources of Ascendum’s load handling machinery business area, incorporating a total of 22 employees.

Pedro Luis Fernández, President and CEO of GAM, states, “The purchase of this business area from such an important group as Ascendum consolidates our position in Portugal and allows us to continue with our growth roadmap in the Iberian Peninsula and other countries where we are present. For the Portuguese market, there is no better partner than Ascendum.”

For José Luis Mendes, CEO of Ascendum Group, “We are confident that with this transaction, GAM will ensure the continuity and development of the business.”

GAM is a publicly traded Spanish multinational (BME: GALQ), founded in 2003 in Asturias, specializing in comprehensive solutions and services for industry related to machinery, including rental, sales, maintenance, training, events, energy supply, modular spaces, and robotics and drone engineering, among others.

It operates in 10 countries and has 75 branches. As of July 2021, the company employs approximately 1,100 people.

Founded in 1959 as a Volvo dealer, Ascendum Group is a Portuguese company that is currently one of the world's largest distributors of Volvo Construction Equipment. This multinational company operates in 14 countries - including Spain, Mexico, the USA, Turkey, and Austria – and is involved in the assistance and distribution of construction machinery and industrial equipment, infrastructure equipment, cars, trucks, tractors, and agricultural machinery, having generated a revenue of 780 million euros in 2020.