Storent continues Baltic expansion

Photo: Storent

Storent Group is to open a new depot in Lithuania as part of a strategic plan to grow its share of the market in the Baltic region. 

The company said the new depot, based in the city of Vilnius, will hold a variety of equipment and will serve the Northern territory of the city, with other depots supporting the rest of the region.

It is the seventh depot the company has opened in Lithuania, which is the company’s third largest market with annual revenues of around €10 million. 

IRN was told that as well as depot expansion in the Baltics, the company had invested up to €30 million in the last two years in fleet thanks to a number of bond offerings that it has held. 

The company said that any new additions to its fleet would “be monitored more to determine exactly how many new depots we need to ensure best path for growth.”

The bonds will also be used to expand its share of the Nordic market, which it first entered in 2016. To date the company has opened four depots in the region, three in Finland and one in Sweden. 

Mantas Dzikas, CEO of Storent UAB, said, “Our goal is to expand strategically. With the insights gained through two other depots in Vilnius and depots in Klaipėda, Šiauliai, Panevėžys and Kaunas, we plan to make the new depot even better.

“It’s important for our customers to conveniently come to the rental center and take care of their construction project from start to finish therefore we focused on a space where we are easily accessible and have enough space to store the wide range of equipment so that it can go to work right away. We are ready to raise the bar even higher and continue the growth.”

Andris Pavlovs, co-founder and chairman of the board of Storent Group, told IRN in an interview last year that having changed ownership in late 2022, the company had “taken course to major growth in near future.” 

The main focus of that growth, he said, would be for a bigger share of business in the Baltic region with special focus on increasing share in Estonia. In the Nordic region he said that the company is stronger as a niche player in specific product groups.