Cargo Handling Specialist MacGregor Sold to Private Equity Firm
A well-known leader in maritime cargo and load handling, MacGregor is being sold to funds managed by Triton, a European mid-market sector-specialist investor. It is the final step in breaking apart Cargotec which also saw heavy equipment company Kalmar spun off to unlock value for shareholders.
MacGregor traces its origins to the 1920s, when two engineers and brothers Robert and Joseph MacGregor developed the first steel hatch cover to stop the unnecessary loss of North Sea coal ships. They would patent their invention in 1929 and later form a UK-based company to market hatch covers. Over the years the company has grown its cargo-handling expertise expanding to become a manufacturer of container-lashing equipment among other segments.
Today, MacGregor serves a broad range of merchant ships ranging from cargo to passenger and Ro-Ro, as well as offshore and ports and terminals. It has a strong refurbishment business becoming involved in some of the most challenging vessel overhauls. It also is expanding with innovative services such as its recently launched digital Carbon Calculator to help container shipping companies estimate the carbon dioxide emissions they can eliminate by upgrading their onboard container cargo system.
“MacGregor stands out due to its engineering capabilities; broad and sustainable product offering; high-quality equipment; and strong reputation,” said Ilkka Tuominen, Investment Advisory Professional at Triton. “Triton looks forward to collaborating with the company and its employees to develop further on this market-leading position, especially by strengthening the aftermarket platform where we see great potential. MacGregor is at the core of Triton’s investment focus to acquire market-leading companies with strong potential and a competitive edge.”
Cargotec Corporation reported the agreement signed today, November 14, sells MacGregor to funds managed by Triton, for an enterprise value of EUR 480 (US$505 million). In 2023, MacGregor recorded sales of EUR 733 million (US$772 million) and a comparable operating profit of EUR 33 million ($34.75 million).
“The agreement to sell MacGregor represents the last major milestone in our project to unlock shareholder value by separating Cargotec’s businesses into standalone companies. The two-year project has progressed according to our plan and is now in its final stages,” said Cargotec’s CEO Casimir Lindholm.
Cargotec decided in 2022 to sell MacGregor but reports it waited until the market had improved. It launched the sale process in May 2024 and says it expects the transaction to close by July 1, 2025. Cargotec will transition to become Habib, the name of its remaining business, an on-road load-handling solutions company.
MacGregor had been acquired becoming part of Cargotec in 2005 and grew through a long list of acquisitions to build its product portfolio. Cargotec also owned Kalmar, a heavy material handling equipment and services company used by ports and terminals, distribution centers, manufacturing, and heavy logistics. Kalmar was demerged from Cargotec becoming a standalone company in June 2024.