Latvian rental company Storent has begun its expansion into the Nordic markets with the acquisition of Finnish company Leinolift.
Leinolift – which was founded in 2006, and employs around 50 people – rents aerial lifts and cranes, as well as providing crane, lifting, transportation, hauling and jacking services. Under the agreement, Leinolift founder Jouni Leino will continue to manage the company.
Leino said, “With Storent’s ownership, we will be able to continue and expand the co-operation with our customers and offer them categories of equipment that were not in our portfolio before partnering with Storent.
“We will also continue to ensure that our company maintains the highest quality standards.”
Meanwhile, Andris Bisnieks, founder and member of the board of Storent, said, “This acquisition, together with the recent green field investment in Sweden, begins our expansion to the Nordic markets.
“It allows us to intensify our expertise in access equipment and to expand our fleet. We are delighted to partner with Jouni Leino who, for the past ten years, has managed to build a successful business and excellent customer relationships in Finland.”
Storent operates 21 rental depots across Latvia, Lithuania and Estonia. The company said the consolidated revenues of both companies amounted to approximately €30 million. Financial details of the transaction were not disclosed.