Finland-based international equipment rental giants Ramirent and Cramo have received approval from competition authorities and have finalized the transaction to form a joint venture operating under the brand name of Fortrent in Russia and Ukraine. Fortrent has annual net sales of more than €52 million and an EBITDA margin of about 35 percent.
The combined entity has about 400 employees and 22 rental branches. The operational head office will be located in Saint Petersburg.
“Naming Fortrent represents an important milestone,” said Anton Artemiev, chairman of the board. “The name Fortrent reflects the strong player that is created by this transaction and that has the capabilities to present a compelling value proposition for its customers and take the lead in developing further equipment rental in these markets.”
Artemiev has extensive business experience in Russia and internationally. Grigory Grif, who previously served as country manager for Ramirent Russia and Ukraine, has been named general director of Fortrent.
“Fortrent will help customers to manage their rental fleet needs in an efficient, compliant and cost-effective way,” said Magnus Rosen, Ramirent CEO and president. “Increasingly, customers are looking for a single expert provider who can help plan and manage their rental equipment use across the full project cycle. We are delighted to bring our combined fleet capacity and expertise to offer large equipment rental solutions to customers in the Russian and Ukrainian markets.”
“Through Fortrent we have a strong role as the leading equipment rental company in the vast and growing Russian and Ukrainian market,” added Vesa Koivula, president and CEO of Cramo plc. “At the same time, the partnership with Ramirent reduces the investment needs as well as the risks involved to benefit from this big opportunity.”