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Spain’s GAM has acquired the material handling operations of Portuguese company Grupo Ascendum, including dealerships in Portugal for Hyster and Yale forklifts.

GAM has paid €4 million for the business, with 22 employees switching to its Portuguese subsidiary. The acquired business reported revenues of €4 million last year.

The deal further boosts GAM’s material handling operations. Earlier this month, , a forklift rental and sales company in Spain, which represents Yale.

Pedro Luis Fernández, President and CEO of GAM, said; “The purchase of this business area from a group as important as Ascendum strengthens us in Portugal and allows us to continue with our growth roadmap in the Iberian Peninsula and other countries in which we are present. For the Portuguese market, there is no better partner than Ascendum”.

For José Luis Mendes, CEO of Ascendum, added; “We are sure that with this transaction, GAM will ensure the continuity and development of the business.”

Ascendum is a major industrial equipment group in Portugal. With 2019 revenues of €880 million, it is a dealer of Volvo Construction Equipmemnt and is also involved in products including material handling, infrastructure, trucks and cars. It operates in 14 countries in Europe and the Americas.

a strong recovery in its second quarter revenues.