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Boels Rental, one of Europe’s leading equipment rental companies, reflects on another year of growth. Despite macro-economic challenges in 2024, including difficult construction business in Northern Europe and a flat market in Germany and The Netherlands, the company has benefitted from its resilience and adaptability.
This is the result of Boels’ diversification strategy of being active in multiple geographies, towards a broad customer base in diverse end markets, both construction and non-construction. Herewith recurring and less cyclical revenue streams are reinforced with large revenue mega-projects such as datacentres, infrastructure and energy transition projects. To enable this, Boels continued its substantial investments in 2024 with € 643 million in CapEx and acquisitions.
Highlights
- Group revenue: € 1,732.4 million (+ 11.6%)
- 3 Mergers and acquisitions, including Riwal
- Geographic expansion from 18 to 27 countries with 8,432 employees
- Gross investment of € 643.5 million in CapEx and acquisitions
Expansion inside & outside Europe
2024 has further been marked by three acquisitions with Riwal as the largest. Supported with the bolt-on acquisitions of MG Rental AB and industrial specialist Safety Shop. The successful integration of Riwal enlarges Boels’ Aereal Work Platform portfolio and expertise considerably. It also solidifies the company’s presence in existing markets while opening up new markets; including Denmark, Spain, France and the Middle East. It is the first time Boels Rental is operating beyond European borders.
We always aim at strengthening our position and the acquisition of Riwal was an important milestone.This would not have been possible without the matching DNA and the collective efforts of every colleague involved
Pierre Boels, CEO Boels Group, reflects: “In 2024, we have pushed boundaries. Figuratively and literally, with the access to new markets, including non-European countries for the first time. Even though some markets faced various challenges, we can continue to report positive results. We always aim at strengthening our position and the acquisition of Riwal was an important milestone. I am most proud of their swift and seamless integration. This would not have been possible without the matching DNA and the collective efforts of every colleague involved.”
A strategic foundation for improved performance
Boels remains focused on the strategic combination of general and special rental. Having specialised business units with in-depth expertise and equipment has proven highly effective in 2024. This synergy serves as a cornerstone of operational excellence and customer satisfaction with benefits and added value for both customers and the company.
Improved service performance can also be found in ongoing optimisations of Boels’ digital services including the online rental platforms, client portals and IoT equipment connectivity. While, looking at sustainability performance in 2024, Boels reports significant efforts and cooperation throughout the organisation, for following the European Sustainability Reporting Standards (ESRS) guidelines. Additionally, Boels is focused on helping customers to comply to equipment emissions regulations. Hence, 79.2% of Boels’ engine-driven machines are currently electrically powered.
The structural shift from equipment ownership to rental remains strong
Navigating towards 2025 with confidence
“The structural shift from equipment ownership to rental remains strong, due to higher purchasing prices and macro-economic volatility. Our steady growth in a challenging year such as 2024 confirms that we have a resilient business model based on a foundation of proven strategic choices and investments in special rental. Overall, we are confident of continuing our growth strategy and remain committed to adding value to our customers and stakeholders in the years to come. ”, adds René Olsthoorn, CFO of Boels Group.
