Renta acquires Mylift
Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Mylift Holding AS (“Mylift” or “the Company”). Mylift is a Norwegian general rental company operating in the northern part of Oslo and in Innlandet. Mylift also provides scaffolding services through its subsidiary Mylift & Borud Stillas AS. The Company has eight depots, more than 200 employees and annual revenues of more than NOK 360 million.
The acquisition marks a continuation in Renta’s strategy towards building a nationwide rental network, strengthening Renta’s presence in Oslo and extending the rental network to Innlandet, further north from Oslo. Through this latest addition, Renta will have more than 500 employees across 33 depots in Norway. In addition, the acquisition of Mylift strengthens Renta’s product and service offering, particularly in the site modules product category as well as in scaffolding services. Furthermore, Renta will get access to a broader customer base, especially through Mylift’s customers in the event business and by adding site modules to Renta’s offering in Norway.
Mylift’s customer-centric business model and highly complementary geographic presence and product offering, makes it an excellent fit for Renta. Mylift will continue to serve its customers with the same local approach and high-quality services as before and further benefit from implementing Renta’s cutting edge digital solutions to enhance their services.
The acquisition is expected to be completed following a review and approval by the Norwegian Competition Authority.
Kari Aulasmaa, CEO of Renta Group, said:
“We are thrilled to join forces with Mylift, a profitable and rapidly growing company with a reputation of providing high-quality services. Through the acquisition, Renta makes another step forward in building a fully nationwide coverage in Norway, while at the same time strengthening strategically important product and service areas. Mylift’s complementary presence and offering provides an excellent platform for continued growth for us in Norway. We would like to extend a warm welcome to the Mylift team and look forward to working with them.“
Knut Rindal, CEO of Mylift, said:
“We are genuinely glad to become a part of Renta Group, which adheres to highest operational standards and has ambitious plans for the future. I am convinced that Renta will provide a good home for our employees and that we will be able to further develop our services towards our customers as part of Renta. It was important for us that the chosen strategic partner shares the same values that we have followed in our operations, and I truly believe that Renta is the perfect choice. I am certain that together with Renta we will become even stronger and be able to accelerate growth in the Norwegian rental market.”
About Renta Group
Renta Group is a Northern European full-service equipment rental company founded in 2015. Renta has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 137 depots and over 1,500 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a supplier of scaffolding and weather-protection services. For more information, please visit www.renta.com
Mylift Holding AS is a Norwegian general rental company founded in 2010.Through subsidiary Mylift & Borud Stillas AS, Mylift also provides scaffolding services. The company has eight depots and more than 200 employees. For more information, visit https://mylift.no/
This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding Renta or any of its affiliates’ future financial position and results of operations, their strategy, plans, objectives, goals and targets, future developments in the markets in which they participate or are seeking to participate or anticipated regulatory changes in the markets in which they operate or intend to operate. In some cases, these forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “should,” or “will” or the negative of such terms or other comparable terminology.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that Renta or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if Renta’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.