Hoshizaki to buy refrigeration firm Gram Commercial
JAPANESE firm Hoshizaki Electric has, through its subsidiary Hoshizaki Europe Holdings B.V., agreed to buy the Danish refrigeration manufacturer Gram Commercial A/S.
According to a deal agreed on September 1, Hoshizaki, a commercial kitchen equipment manufacturer, will pay £43m (DKK 395 million) to Equity Datterholding 1 ApS, the owner of Gram Commercial.
Gram Commercial, headquartered in Vojens, Denmark, is a leading manufacturer of commercial refrigerators and freezers in the European food service equipment market and targets commercial kitchens used by restaurants, hotels, hospitals and nursing homes.
A spokesman for Hoshizaki said 'While maintaining a large market share in Japan, Hoshizaki aims to increase its worldwide market share through turnover in overseas markets for continued growth in the commercial kitchen industry'.
Hoshizaki plans is to raise its current overseas turnover rate of 23.8% in consolidated sales to 34% in the fiscal year ending December 2012. To achieve this, the company said it was essential for it to expand its market share in Europe, particularly by refrigeration sales.
Following the acquisition, Gram Commercial and Hoshizaki will develop new products combining energy saving technology and natural refrigerants.
Gram Commercial has 217 employees and holds sales subsidiaries in Denmark, UK, Germany and Holland, and branches in France, Austria and Scandinavia.
Hoshizaki said new products will be available to European countries through the sales networks of both companies, and the exchange of refrigeration, ice machines and other products.