Storent makes its US rental move

Latvian rental company Storent has acquired a 70% share of Connect Rentals, a rental business in Texas with annual revenues of US$12.3 million.

Connect Rentals has rental locations in Tyler and Jacksonville and manages a fleet of more than 1,250 units. It reported revenues of US$12.3 million in 2024 with an EBITDA of US$7.65 million. 

Storent said there will be strong synergies between Storent’s expertise – particularly in digital tools and financing – and Connect Rentals’ presence in a market with strong growth opportunities.

From next year, Connect Rentals will use Storent’s digital platform, with the goal of boosting operational efficiency and enhancing customer experience. Additional branches are planned across Texas in the coming years.

From left, Cody Carroll (CEO & co-owner, Connect Rentals), Andris Pavlovs (co-owner & chairman, Storent), Baiba Onkele (CFO & board member, Storent) and Shell Sanford (co-owner, Connect Rentals.) (Photo: Storent)

Connect’s fleet includes a diverse range of small tools, construction equipment and agricultural machines, such as tractors and farm attachments.

The acquisition was financed through Storent’s bond issue in April 2025, with additional support from First Merchants Bank in the US. The financial terms have not been disclosed.

Andris Pavlovs, co-founder and chairman of AS Storent Holding, said; “This transaction is a turning point not only for Storent but also for Latvian entrepreneurship.

“For the first time, we are stepping far beyond Europe, proving our ability to export knowledge and make an impact across the Atlantic.

“Together with the Connect Rentals team, we aim to raise rental service standards and establish ourselves as innovation leaders in the US market”.

Cody Carroll, CEO of Connect Rentals, added; “We’re glad to team up with Storent to grow our business. They know how to attract financing, and their digital innovations will accelerate the business expansion”.

It is one of the very few cases of a European rental company moving into the US – HSS and Ashtead Group being notable past examples – and the first time a rental company from the Baltic states has operated a rental business in the US.

The partnership between Storent and Connect Rentals was coordinated by Mike Crouch of RMC Consults LLC.

Founded in 2008, Storent is a 100% Latvian-owned company. It has 34 rental depots: 15 in Latvia, 8 in Lithuania, 4 in Estonia, 4 in Finland, 1 in Sweden, and 2 in the US. Storent, which reported revenues of €47 million in 2024, employs over 275 people.