Ramirent expands into Slovakia
29 February 2008
Ramirent has entered the Slovakian rental market by acquiring a 60% stake in OTS Bratislava (OTS), one of the market leading rental companies in the country. Ramirent has an option to become sole owner by 2010.
OTS employs 135 people and has a network of 40 depots throughout the country, half of which are franchise locations. Ramirent said it expected OTS to contribute revenues of €10 million during 2008. The company rents, repairs and sells equipment to Slovak contractors working in Slovakia or abroad.
Ramirent said OTS – which was founded in 1973 - gave it a good platform to develop the fast growing Slovakian rental sector, which Ramirent said is expected to grow at double digit levels for the next five to ten years. The acquisition is in line with Ramirent's strategy of expanding into eastern and central Europe.
“We are very happy to cover yet one white spot for us in Central Europe”, said Tomasz Walawender, vice president, Ramirent Central Europe, “A fast growing economy, political stability and a competitive workforce make Slovakia one of the most attractive economies in Europe.”
Mr Walawender said the acquisition also presented opportunities for synergies between OTS and Ramirent companies in neighbouring countries, “especially Czech Republic where there is no language barrier.” OTS's current managers will continue with the company.