Cargotec Corporation has announced an agreement to sell its MacGregor business segment to funds managed by the private equity firm Triton for EUR 480 million. This strategic move is designed to support Cargotec’s Hiab brand as it transitions toward an independent growth path.
The separation of Hiab from Cargotec is a key component of Cargotec’s restructuring plan, which includes establishing Hiab as a standalone company by April 1, 2025. Cargotec also plans to list its Kalmar business separately while finding a new ownership path for MacGregor. This sale, approved by the Cargotec Board, aligns with the company’s goal of maximizing shareholder value.
Upon completion of the sale, Hiab will remain Cargotec’s primary focus, and the company is set to be rebranded as Hiab. CEO Casimir Lindholm will step down after overseeing the restructuring, with Scott Phillips, current President of Hiab, expected to step into the CEO role. CFO Mikko Puolakka will also remain in his role, supporting the new Hiab-focused direction.
The sale of MacGregor to Triton is expected to conclude by July 1, 2025, pending regulatory approvals. Triton, a leading investor in the European mid-market, specializes in sectors like Industrial Tech and has prior experience in maritime industry investments.
Cargotec projects a tax-exempt loss of around EUR 200 million from the sale, recorded as a goodwill impairment in Q4 2024 results. Additional costs for the separation of MacGregor are estimated at EUR 25 million. Despite the loss, the transaction will strengthen Hiab’s growth initiatives in both innovation and mergers, with potential for extra dividends from the sale proceeds.
MacGregor, as one of the leaders in sustainable maritime solutions, generated EUR 733 million in sales and EUR 33 million in operating profit in 2023. With Triton’s investment, MacGregor is poised for further development, particularly in aftermarket growth, with Triton citing MacGregor’s robust engineering capabilities as an asset to its strategy.
In line with the agreement, Cargotec will report MacGregor as part of discontinued operations from Q4 2024. Hiab’s operating profit margin in 2024 is anticipated to exceed 14%, a projection that reflects its growth trajectory as a future independent entity.
