Storent outlines investment plans as it targets expansion

Photo: Storent Group

Latvia-based rental company Storent Group has announced that it will continue investment in its fleet and said it is targeting expansion in the Baltic region.

The company said it will invest up to €20 million before peak season, which would follow nearly €24 million in investment in 2024 that went towards expanding and upgrading its fleet.

According to Storent, that investment saw its fourth quarter revenues in 2024 increase by 12% to €12.7 million, while EBITDA reached €13 million. Total revenue for the year was €47 million.

To facilitate continued growth, the company said it intends to raise an additional €30 million through bonds across Baltic countries in two issuess.

Around 50% of the funds will go toward expanding the fleet, it said, while the remaining amount will be used to refinance current bonds. The first bond offering is planned for mid-March 2025.

The investment comes after the company hit the landmark number of operating 30 depots across Lithuania, Latvia, Estonia, Finland and Sweden, with the opening of a new branch in Kaunas, central Lithuania.

The depot, which focuses mainly on small tools, is the fourth the company has opened in Lithuania and follows the opening of its Vilnius branch last year.

Andris Pavlovs, co-founder and Chair of the Board of Storent, said the milestone reflects the company’s “ongoing commitment to growth.”  He said, “With strategic fleet investments and a strong team putting them to work, we have caught the wave toward our development goals.

“The rental industry is rapidly evolving, adopting new digital tools and expanding into new sectors, and we know exactly how to leverage these advancements to drive growth and innovation. We will keep moving forward.”

Director of Storent Lithuania Simas Kazlauskas added, “The construction activity in Lithuania is growing in numerous sectors. Kaunas is the fastest growing city, where new warehouses and residential buildings are being built. Our goal is to ensure that builders and contractors have quick, reliable access to high-quality equipment. The new location has already ensured new cooperations.” 

Looking ahead, Storent said it will open a depot in Gulbene, Latvia, but didn’t reveal a specific date.