The Europe-wide spare machinery parts company Kramp has acquired Irish machinery parts business Genfitt.
Genfitt said that the coming together of the two businesses will strengthen their position in the Irish market.
Genfitt was established in 1973 in Kiltimagh, Co. Mayo, and has grown to be the largest independent wholesale supplier of machinery parts and spares in Ireland.
Its distribution hub remains in Kiltimagh, where the business dispatches orders nationwide.
Kramp was founded over 70 years ago by Johan Kramp in Varsseveld, Netherlands. It now operates in 24 countries.
As part of its growth strategy, Kramp is seeking “strong partners with whom it can build long-term relationships and generate mutual benefits”.
Genfitt said that the similarities between the two companies “make the move a great fit”.
Genfitt’s customers will “gain access to a wider assortment [of parts], improved delivery times, and an additional network of suppliers, partners, technical knowledge, and services”, the business said.
One of the selling shareholders, Paul Duggan, said: “[We] are proud of what Genfitt has achieved since they acquired the business in 2005 and have been delighted to support the business and its staff in its 50th anniversary.
“[I] am sure that Kramp is the best possible owner of the business for the next 50 years, and the business will develop in a way which would not have been possible without Kramp’s ownership,” Duggan added.
“In bringing Kramp and Genfitt together, we will become the essential partner in the Irish agricultural industry,” Kramp Group CEO Eddie Perdok said.
“I’m proud to be back in Ireland… Together with Genfitt, we [will] create a strong company based on highly competent teams, leading brands, and state-of-the-art operations.
“We strive to accelerate Genfitt’s growth in Ireland by broadening the product portfolio and leveraging Kramp’s digital capabilities. Based on these factors, we will further develop and strengthen our market position in Ireland,” Perdok added.
Kramp has announced that it will be “business as usual” for the next period as they proceed with the integration step-by-step. The company said it will keep its partners informed as they proceed.