Darby's Storent acquires rental company Cramo

The deal marks a first investment in Russia for Darby-backed Storent. Through the purchase of the Riga-based businesses, SIA Cramo and OOO Cramo Kaliningrad, it secured an additional seven rental depots and 43 employees.

The upcoming FIFA World Cup in Kaliningrad in 2018 is expected to lend an economic boost and enable Storent to expand in the region, according to Storent founder and board member Andris Bisnieks.

Previous funding
Darby, the private equity arm of Franklin Templeton Investments, acquired a majority stake in Storent in November 2014, deploying capital via its DCEF III fund. Storent's founders, Andris Bisnieks and Andris Pavlovs, have retained a significant shareholding in the business and continue to run Storent.

Company
Founded in 2008, Storent is an equipment rental company for the construction and industrial markets in the Baltic region. The company is headquartered in Riga, Latvia, and operates rental depots across the Baltic countries. In December 2016, Storent acquired Finnish access equipment rental company Leinolift and in 2017 it started operations in Stockholm.

People
Storent – Andris Pavlovs, Andris Bisnieks (founders, board members).

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• Topics
• Expansion
• CEE
• Industrials
• Lithuania
• Latvia
• Build-up