Loxam to acquire Brazil-based Mills

Loxam is set to acquire a majority stake in Brazil-based Mills Locação, Serviços e Logística.

Under the deal the France-based group will buy a 50.3% stake from Mills’ majority shareholders, the Nacht family, Southern Cross Group and Sullair Argentina.

Founded in 1952 by the Nacht family and listed on the Brazilian stock exchange since 2010, Mills has become Brazil’s largest equipment rental company, with revenues of R$1.8 billion (€315 million) in 2025.

The company operates a multi-product fleet of around 16,000 units across four main segments: powered access, heavy equipment, intralogistics, and formwork & shoring. It is the largest provider of aerial platforms in Latin America and with approximately 2,500 employees, the company has a network of 65 branches across the country.

Loxam has been present in Brazil since 2015 through its investment in Degraus, now known as Loxam do Brasil. Following the acquisitions of Motormac Rental and A Geradora in 2023, Loxam’s Brazilian operations generated R$590 million (€100 million) of combined revenue in 2025 across 40 branches. It is the country’s leader in temporary power solutions through its ownership of A Geradora.

The combination of Mills and Loxam’s existing Brazilian activities now makes Brazil one of the group’s largest operations outside France, and it means together, Mills and Loxam will offer a full portfolio of rental equipment and services across construction, industry, events, agribusiness, mining and oil & gas, while preserving the identity and competitive strengths of each company.

Shared goals 

Following completion of the acquisition, Loxam said it will launch a tender offer for the acquisition of all remaining outstanding shares of Mills, on the same terms and conditions as those agreed with the sellers, with the objective of delisting the company.

Francisca Nacht, co-chair of the Mills Board and third generation of the founding family, said, “This transaction fulfils a wish of Mills’ founding family; to preserve the company’s legacy by bringing it closer to a global industry leader.

“In the Loxam Group, we found a strong alignment of values — business ethics, care for people, and long-term vision — that gives us confidence that Mills will continue to grow with the same identity that has brought it this far,”

Sergio Kariya, CEO of Mills, added, “Mills reaches this milestone with a talented and committed team, operational strength, and a consistent track record of results. Our intention is to further accelerate the company’s growth, now as part of a multinational organization and the fifth-largest equipment rental group in the world.

Image: GTT

“We are confident that this new chapter will bring even greater growth opportunities for the company, our customers, and the people who make Mills what it is every day.”

For Loxam, the acquisition represents a strategic move to expand its presence in Brazil, a market considered to have strong growth potential. The group also intends to encourage the sharing of the best practices developed by Mills and Loxam to other international operations.

Gérard Déprez, Chairman and CEO of Loxam Group, added, “Loxam is excited about this impactful transaction and delighted to welcome Mills’ employees within the group. Mills and Loxam have highly complementary activities and share common entrepreneurial and societal values.

“We particularly recognize the quality and drive of Mills’ management team, which has successfully led a deep transformation of the company in recent years. We look forward to joining forces, sharing experiences, and combining expertise to continue delivering excellence in service and creating even greater value for our customers, whether local SMEs or large international clients.”

Completion of the acquisition is subject to customary conditions, including approval from the Brazilian antitrust authority Conselho Administrativo de Defesa Econômica (CADE).