|Emitents||Storent Investments, AS (894500QUY4PL0DT0MP25)|
|Veids||2.2. Iekšējā informācija|
Leading Latvian and one of the largest Baltic construction equipment rental companies Storent Holdings informs that after carrying out a successful merger of Storent Investments AS and SEL Investments SIA under Storent Holdings SIA in late 2022 it now plans a new bond issue of up to EUR 15 million which will for the first time be open to both retail and institutional investors.
Andris Pavlovs, co-founder of Storent and Board member of Storent Holdings: “We established the first rental company in Latvia on April 17, 2008. I’m proud that within 15 years we have developed a modern construction equipment rental company operating in five countries and providing high quality rental solutions to our customers.”
“Storent Investments AS and its subsidiaries have a modern rental fleet, large rental depo network and wide customer base with a very well-developed trademark, experienced team and digital know-how. SEL Investments SIA and its two subsidiaries own around 50% of the construction equipment fleet that Storent group operates. It was a great opportunity to merge both companies’ expertise and financial resources to continue development of Storent Holdings with a significantly higher speed and profitability,” Pavlovs added.
“Storent Investments first issued bonds already back in 2017. Today, however, Storent Holdings is preparing for its first bond issue which will be available also to retail investors across the Baltics. Such a decision is based on the significant demand we see for this type of financial instrument among retail investors and our needs to facilitate further growth. An investment in Storent is an investment in the development of modern, safe and sustainable construction equipment rental processes in the Baltics and Nordics,” Pavlovs pointed out.
According to the unaudited adjusted consolidated financial indicators of 2022, total revenue of Storent Holdings reached EUR 45 million, while the net income of the company was EUR 9.5 million, where 6.9 million was profit from the merger deal. Financial ratios of the newly merged Storent Holdings are considerably higher since most of the equipment operated by Storent is now consolidated in one holding. Going forward Storent Holdings will continue to focus on existing markets in the Baltics, Finland and Sweden.
The issue will be indicatively structured as a program with total volume of up to 15 million euros with subsequent admission of each tranche to listing and trading on the official bond list (the Baltic Bond List) of Nasdaq Riga. The company will use the proceeds for new investments, further mergers and acquisition and to refinance its liabilities.
Storent Holdings will disclose the exact details of the offering, including the offering period and the terms of subscription upon approval of the envisaged base prospectus with the Bank of Latvia. This announcement does not constitute an offer or invitation to any person to subscribe for or to purchase bonds.
For media inquiries please contact:
Storent Holdings CFO
Mobile: + 371 29340012
Storent was established in 2008 with the goal to develop an efficient construction equipment rental company. It is the largest construction equipment company in Latvia and has one of the largest market shares also in Estonia and Lithuania, with additional market presence in Finland and Sweden. Storent currently operates a total of 26 rental depots.