Renta Group acquires L&E Maskin
15 June 2022
Finland-based Renta Group has acquired rental company Lars & Erik Maskin, expanding its presence in Sweden.
A general rental services provider, L&E Maskin operates three branches in the north of the country, employing around 30 people and generating around SEK 100 million (€9.4 million) a year in revenues.
Renta said that in addition to having a “good standing in the local market with a strong reputation”, L&E Maskin’s entrepreneurial and customer-centric business model would fit in well with its own.
Although the value and full details of the deal have not been disclosed, it is anticipated that Renta will retain L&E Maskin’s staff and that the company will continue to operate, at least in the short to medium term, under its existing management team.
Lars Grehn, Co-founder of L&E Maskin, said, “We are excited about the possibility to join Renta, a company that shares our values and vision. I am convinced that together with Renta and by continuing to operate our depots in the same spirit as before, we will become even stronger in our region.”
Also commenting on the deal, Kari Aulasmaa, CEO of Renta Group, said, “The acquisition extends our presence to the attractive northern region and furthers our ambition to build a nationwide network in Sweden.
“We are pleased to join forces with a profitable and growing company that shares our aspiration to provide excellent customer service locally. We are very happy to welcome the talented people L&E Masking to Renta.”
While the addition of L&E Maskin brings Renta’s number of depots in Sweden up to 50, this latest acquisition is part of a group-wide strategy that aims to strengthen and expand the company’s presence in Northern Europe.
As such, it is just one of several acquisitions recently made by the fast-growing company.
Earlier this month it announced the purchase of Lohke Materieludlejning - a Denmark-based general rental company and, just days later, the company also revealed that it had agreed to acquire Latvian pumping equipment rental business Uprent Group.
The rapid expansion of Renta, which was founded in 2015 and operates a digitallly-enabled business model, is being supported by the European private equity firm IK Partners’ IK IX Fund, which added Renta to its own business operations in late 2021.