Hiab completes the acquisition of Labrie Environmental Group, Michael Eastabrook joins Hiab Leadership Team
HIAB CORPORATION | Stock Exchange Release | 01 July 2026 16:30:00 EEST
Hiab has today completed the acquisition of Labrie Environmental Group (“Labrie”), a leading refuse collection vehicle manufacturer, announced on 1 June 2026 (“the Transaction”). The Transaction significantly strengthens Hiab’s position in the North American waste and recycling market. Labrie’s President and CEO, Michael Eastabrook, joins Hiab Leadership Team (“HLT”) as of today.
The all-cash transaction is valued at USD 1,035 million
Hiab has today, 1 July 2026, completed the Transaction after the required regulatory approval was received and customary closing conditions were met.
The Transaction is valued at USD 1,035 million on a cash and debt-free basis (approximately EUR 890 million calculated with end of May 2026 ECB exchange rates). The Transaction value represents a multiple of approximately 9.2x the company’s end of March 2026 LTM Comparable EBITDA. The Transaction was financed with bank loans and cash at hand.
Labrie will be included in Hiab’s financial reporting from the third quarter of 2026
The acquired operations will be included in Hiab’s financial reporting for the first time in the third quarter of 2026. Labrie’s sales for the last twelve-month period ended 31 March 2026 amounted to EUR 438 (1 million and comparable operating profit to EUR 74(2 million. Labrie will form a fourth business area, Environmental Vehicle Solutions, within Hiab. However, Hiab will continue to have two reporting segments: Equipment and Services.
1) Labrie’s figures have been prepared under US GAAP and converted from USD to EUR with the same exchange rates as Hiab has used in its own reporting on the same periods: monthly average rates in profit or loss items and month end rates in assets and liabilities.
2) Includes goodwill amortisation of EUR 22.0 million
Outlook unchanged
Hiab’s outlook for 2026, which was specified on 24 April in conjunction with interim report January–March 2026, remains unchanged. Hiab estimates its comparable operating profit margin in 2026 to be above 13.5 percent (2025: 13.7 percent).
Changes in Hiab Leadership Team
Due to completion of the Transaction, Hiab has appointed Labrie’s President and CEO, Michael Eastabrook, as President Environmental Vehicle Solutions, effective 1 July 2026.
After the changes, as of 1 July 2026, the company’s leadership team will consist of:
- Scott Phillips, President and CEO
- Mikko Puolakka, Executive Vice President, CFO
- Michaël Bruninx, President Services
- Michael Eastabrook, President Environmental Vehicle Solutions
- Hermanni Lyyski, President Delivery Solutions
- Magdalena Wojtowicz-Tokarz, President Lifting Solutions
- Kimberly Allan, Executive Vice President Business Excellence
- Ghita Jansson-Kiuru, Executive Vice President People & Culture
- Birgitte Skade, Executive Vice President Marketing & Communications
- Taina Tirkkonen, Executive Vice President General Counsel
Micheal Eastabrook’s CV and photo are attached to this release.
“The acquisition of Labrie Environmental Group is a significant milestone in our growth journey and perfectly aligned with our strategy of profitable growth communicated in 2024. We are excited to start our collaboration with the talented Labrie team to further develop their leading business. I also want to warmly welcome Michael to join our leadership team. In financial terms, we expect significant sales, profit and cash contribution from Labrie to Hiab’s consolidated results from the third quarter onwards", said Hiab President and CEO Scott Phillips.
Hiab Corporation
For further information, please contact:
Birgitte Skade, Executive Vice President Marketing and Communications
Email: birgitte.skade@hiab.com, tel. +358 20 777 4000
Further information for investors:
Aki Vesikallio, Vice President Investor Relations, tel. +358 40 729 1670