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Cramo Oyj and Ramirent Oyj Close Transaction to Form Joint Venture under Name Fortrent


Thursday, 7 Mar 2013 06:30am EST 

Cramo Oyj announced that Ramirent Oyj and the company have received approval from the competition authorities and successfully closed the transaction to form a joint venture operating under the brand name Fortrent in Russia and Ukraine. Fortrent is an equipment rental services company in the Russian and Ukrainian markets with annual sales of over EUR 52 million and an EBITDA margin of approximately 35% in 2012. The combined entity has approximately 400 employees and 22 own rental depots. Its operational head office will be in Saint Petersburg. Fortrent, owned and controlled 50/50 by the two companies, has been created as a Finnish limited liability company. To reach equal ownership, Cramo pays to Ramirent a cash contribution of approximately EUR 9.2 million in connection with the closing of the transaction. The share of the profit of the joint venture will be booked in the consolidated profit and loss statement above EBITDA using the equity method of accounting. 

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29 Jul 2014