10.04.2014

Cramo acquires compact earth moving specialist

Finnish international rental company Cramo has acquired all the shares of Finnish compact earthmoving rental company OptiRent for an undisclosed sum.

OptiRent offers mini excavators, skid steers and compact telehandlers for rent, revenues were €2.3 million last year, and the company employs four at a base in Klaukkala on the northern edge of Helskinki. Following the deal, Cramo will establish a new earth moving division in Vantaa, which will combine OptiRent’s operations with its own. It will be led by the OptiRent’s managing director Joni Ihalainen.

Tatu Hauhio managing director of Cramo Finland said: ”We foresee substantial growth potential in earth moving rental business in Finland, as the rental penetration rate in this segment is still on a relatively low level compared to the rest of Europe. By acquiring OptiRent, we will gain more expertise and customer knowledge in the earth moving rental business, which helps us to serve our customers even better in this line of business.”

Ihalainen added: ”The rental of earth moving equipment has experienced very rapid growth in the past three years. However, market development has been slowed down by the small size of the current rental players and weak possibilities for new investments. By merging with Cramo, we will gain more resources for growth and operational development.”