Storent ups investment in Baltics
09 February 2024
Latvia-based rental company Storent Group has said it will spend up to €20 million to accelerate its growth in 2024.
The company said the investment will be aided by a new bond issue, scheduled for the first quarter of the year.
The proceeds of the bonds will be used to invest in new fleet and open new depots in the region, it said.
Storent added that the investment, backed up by “system improvements and structural changes” to the business following a new ownership structure in 2022, will bring further growth in revenues.
The bonds issue is the third the company has held in a matter of months, having finalised two last year with a combined value of €15 million.
Those bonds were used to repay a loan from a previous majority shareholder, boost growth in new investments and refinance existing AS Storent Investment bond issue.
Meanwhile, the company has also released its interim report for the fourth quarter of 2023, which revealed a 13% increase in turnover at €11.6 million.
Fleet investment for the full year reached €13 million, while it also continued to invest in the improvement of digitisation, automation of processes as well as its new ERP system IRMS (Inteligent Rental Management Systems), which supports rental and all related operations.
Andris Pavlovs, co-founder and chairman of the board of Storent Group, told IRN last year that the company long-term plan is to “gain a bigger share of business in the Baltic region.”