Renta Group acquires Latvian pumping specialist
06 June 2022
Finnish rental company Renta Group has reached an agreement to acquire Latvia-headquartered pumping equipment rental businss Uprent Group, which provides dewatering and bypass products to the Baltics and Poland; it has 13 depots across Latvia, Lithuania, Estonia and Poland and annual revenues total €11m.
The acquisition, for an undisclosed sum, represents Renta Group’s entry into the specialised pumping market, an “attractive and sizeable rental niche” in Poland and the Baltics where pumping is frequently required on sites due to wet soil conditions.
The move will also strengthen Renta’s existing position in Poland and marks the company’s first entry into the Baltics.
Renta Group’s statement on the acquisition said Uprent is positioned as a leading company in its home markets, with a lean management structure and high profitability.
Renta Group, whose digitally enabled business model has supported its rapid expansion in recent years, said it “sees significant potential in growing the businss in Uprent’s current markets and futher scaling operations by expanding specialised pumping into the Nordics, benefitting from Renta’s existing presence.”
Kari Aulasmaa, CEO of Renta Group said;
“We consider specialised pumping a highly attractive niche rental segment, where Uprent is the clear market leader int he Baltics and Poland. We are very deslighted to join forces with this high quality company where we see a talented team and significant further growth potential.”
In April, Renta Group completed the acquisition of Utleiesenteret, strengthening its position in Norway. Utleiesenteret is one of the largest machinery and equipment rental companies in Eastern Norway.
These recent acquisitions follow confirmation in late 2021 that Renta Group itself had been acquired by European private equity firm IK Partners’ IK IX Fund from Finnish private equity firm Intera Partners.
The acquisition by IK supported Renta Group’s plan to expand through greenfield openings and acquisitions, while rolling out new digital solutions across all locations.