Darby buys majority stake in Storent

Darby invested via its Darby Converging Europe Fund III (DCEF III) vehicle, which was launched in 2011 with a €250m target and €300m hard-cap.

Storent's founders, Andris Bisnieks and Andris Pavlovs, will retain a significant shareholding in the business, and will continue to run Storent.

Under Darby's ownership, Storent intends to further develop its equipment fleet to strengthen its market position across the Baltic states.

The deal marks the third investment made from DCEF III, with the fund having made previous investments in Turkey and Hungary.

Company
Founded in 2008 and headquartered in Riga, Storent is an equipment rental company for the construction and industrial markets in the Baltic region.

The company operates 23 rental depots across the Baltic countries of Latvia, Lithuania and Estonia.

People
Andris Bisnieks and Andris Pavlovs are the founders of Storent. Arkadiusz Podziewski is a principal in Darby's Warsaw office.

Advisers
Equity – Borenius (Legal).

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