”We are glad to incorporate Cramo professionals and expect synergy effect from additional technical and human capability in order to use growing construction market potential to the fullest and further extend our offering and quality of service for our clients”, says Mr Andris Bisnieks, Board Member of Storent.
“The decision to divest our operations in Latvia and Kaliningrad is in line with Cramo’s new strategy Shape and Share, aiming towards a leading position in all Cramo markets. Our performance in Latvia and Kaliningrad has not met our high expectations in terms of return on investment and profitability. We want to focus our investments in markets where we estimate to receive the highest returns in the long term”, says Mr Leif Gustafsson, President and CEO of Cramo Group.
Storent is one of the leading rental equipment companies in Baltics, operating 21 rental depots across Latvia, Lithuania and Estonia. In December 2016 Storent acquired Leinolift Oy, a Finnish access equipment rental company. In May Storent started operations in Stockholm, Sweden. Since 2014 the majority shareholder in Storent is Darby Private Equity.
Cramo is Europe’s second largest rental services company specialising in construction machinery and equipment rental and rental-related services as well as the rental of modular space. Cramo operates in fifteen countries and in about 324 depots. With a group staff around 2,600, Cramo’s consolidated sales in 2016 was EUR 712 million. Cramo shares are listed on Nasdaq Helsinki Ltd.Back to transactions