Storent looks for more US acquisitions

Latvian-based Storent is to raise finance in the US and is in discussions with further acquisition targets in Texas with the aim of making the US the group’s “primary growth target” over the medium term.

The company, which has operations in all three Baltic States as well as Finland and Sweden, acquired a 70% share of Texas-based Connect Rentals last year and is now planning further expansion in the country.

Andris Pavlovs, co-founder and chairman of AS Storent Holding, said it hoped to secure additional financing in the US in the near future and had established a parent company in Delaware, USA

Image: Storent

“We are currently in discussions with several potential acquisition targets in Texas and are preparing to expand into additional states, with the aim of positioning the United States as the group’s primary growth market in the medium term”, he said in the company’s latest financial release.

Revenues in 2025, pro forma (including a full year contribution from Connect Rentals) rose by 35% to €63.8 million, with fourth quarter revenues up 29%. EBITDA increased by 70% to €22.6 million for the full year.

​​Storent’s Baltics business accounted for 61% of total revenue, Sweden and Finland 18%, and the US 21%. It said Lithuania was its strongest market, while Estonia was in recession. Sweden and Norway were stable for Storent despite weak construction markets.

Storent said its strategy in the US would be based on a dual model. The first component is a network of businesses in which it would hold between 51% and 70% ownership – what it calls the Storent Equity Network (SEN). The second is a network of independent rental companies connected through Storent’s digital platform, called the Digital Partner Network (DPN).

The company has 15 depots in Latvia, 9 in Lithuania, 4 in Estonia, 4 in Finland, 1 in Sweden, and 2 in the US. It employs 275 people.