Sweden-based Alimak Group has signed an agreement to acquire the permanent industrial elevator business Century Elevators.
Century Elevators, which has an annual turnover of approximately US$9.7 million, is headquartered in Webster, US, and has been owned by BrandSafway since 2019.
Founded in 2009, Century has established itself as one of the leading suppliers of industrial rack-and-pinion elevators in North America. The business comprises two segments: a rental division and a division focused on selling and servicing permanently installed rack-and-pinion elevators.
Alimak Group and BrandSafway have agreed that Alimak Group will acquire the division that sells and services Century’s permanent industrial rack-and-pinion elevators. The acquired assets include customer and supplier contracts, selected fixed and working capital assets, employees, the Century brand and the lease of Century’s premises.
The acquisition offers several strategic advantages for Alimak Group, said the company, including a strengthened market position in the US and Canada through the distribution of high-quality industrial elevators and a robust service presence. “Additionally, the transaction brings on board a team of highly skilled professionals, further enhancing the Group’s expertise,” said the company.
“With this acquisition, we strengthen our industrial business in the US, which is of high strategic importance to the Group. We look forward to welcoming our new Century Elevators colleagues and working together to deliver long-term value to customers and stakeholders,” said Ole Kristian Jødahl, CEO of Alimak Group.
