Fortrent is name of Cramo and Ramirent joint venture in Russia
07 March 2013
Cramo and Ramirent have chosen the name Fortrent for the new Russia and Ukraine joint venture rental business created by the two. The venture has been approved by competition authorities in the two countries.
General director of the business will be Grigory Grif, Ramirent’s former country manager for Russia and Ukraine. The joint venture is owned and controlled 50/50 by Cramo and Ramirent and was first announced last October.
The company, headquartered in St Petersburg and registered as a Finnish company, has annual sales of around €52 million, employs 400 people and operates from 22 rental depots.
“Launching the new company represents an important milestone,” said Anton Artemiev, chairman of the board. “The name Fortrent reflects the strengths of the player that is created… Fortrent will offer a compelling value proposition for its customers and take the lead in further developing professional equipment rental in these markets.”
Vesa Koivula, CEO and president of Cramo, said the partnership with Ramirent “increases the investment capacity and growth opportunities for Fortrent while balancing the risks involved”.
Ramirent CEO and president Magnus Rosén said Fortrent would help customers manage their rental fleets in an efficient and cost-effective way; “Increasingly, customers are looking for a single expert provider who can help plan and manage their rental equipment use across the full project cycle.”
Cramo is paying Ramirent €9.2 million in cash to account for the different values of the assets that each is contributing to the joint venture.