Helsinki, Finland-based rental giant Ramirent last week acquired OTS Bratislava, spol.sr.o., a leading provider of rental services for Slovak construction companies. The company employs 135 people and is expected to generate sales of more than €10 million (about U.S. $14.8 million) in 2008.
Ramirent acquired 60 percent of the shares of the company with an option to increase its holdings to 100 percent after 2010. The management of OTS, which has been a leading rental player in Eastern Europe since 1973, will continue with the company.
Based in Bratislava, OTS operates through a network of 30 branches throughout the country, with half of the locations franchised. The acquisition is in line with Ramirent’s aggressive strategy to grow in Central and Eastern Europe and gives the group an immediate market-leading position in Slovakia with a committed management team, skilled personnel and an opportunity to help develop the still young rental market in the country.
“A fast-growing economy, political stability and a competitive workforce make Slovakia one of the most attractive economies in Europe,” said Tomasz Walawender, vice president of Ramirent Central Europe. “There is no other company in Slovakia with a similar wide range of products and geographical spread. Adding Ramirent products to the range will enhance the offering further. Operationally the acquisition also presents opportunities for synergies between OTS and Ramirent companies in the neighboring countries, especially Czech Republic where there is no language barrier.”
Ramirent estimates the Slovak rental market to grow at a double-digit growth rate for the next five to 10 years, reflecting demand for improved infrastructure and new housing.
With 2006 revenue of about €498 million, Ramirent operates in 13 countries.
