Ramirent and Cramo have announced they are considering the sale of their joint venture company Fortrent.
Fortrent, formed in March 2013 by Ramirent and Cramo, is a leading equipment rental company operating in the Russian and Ukrainian markets. It recorded full-year revenues of €29.2 million in 2016, and earnings before interest, taxes and amortization (EBITA) of €3.2 million.
Ramirent and Cramo said that they were conducting a “strategic review” of the situation, and would therefore not release any further details at this stage.
Ramirent also recently announced it was considering selling its temporary space rental operations in Sweden, Norway, Finland and Denmark. Similarly to Fortrent, it is conducting a strategic review, which it said had limited synergies with its core business.
Cramo has this year divested a number of its operations, its most recent being its former Latvia and Kaliningrad, Russia, operations to rental company Storent, in August.