Ramirent Finland Ltd. has signed a long-term cooperation agreement with SRV Group Plc. As part of the arrangement, Ramirent has acquired SRV Kalusto Oy’s entire share capital. SRV Kalusto has 33 employees, and the debt-free purchase price of the company is €21 million (about U.S. $24.15 million).
SRV Kalusto has been acting as an internal equipment rental company in the SRV Group covering approximately one-fourth of SRV’s equipment rentals and related services at the construction sites. The deal between Ramirent and SRV Group Plc covers a significant share of SRV’s actual equipment rentals. In 2017, the net sales of SRV Kalusto Oy was about €8 million.
As part of the agreement, SRV Kalusto Oy’s name changes to Rami Kalustoy Oy.
“In line with our strategy, Ramirent is seeking for profitable growth in our core equipment rental business,” said Mikael Kämpe, managing director of Ramirent Finland. “The today announced agreement perfectly supports our targets and strengthens our leading position in the Finnish construction equipment rental market.”
Ramirent has 300 customer centers in northern and eastern Europe, with 2017 group sales of €724 million. The company is based in Vantaa, Finland.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.