Renta completes the acquisition of YIT Kalusto Oy
Renta Group Oy (“Renta Group” or “Renta”) is pleased to announce the completion of the acquisition of the entire share capital of YIT Kalusto Oy (“Kalusto Oy” or “the Company”) from YIT Corporation (“YIT”). As part of the arrangement, Renta and YIT have signed a long-term cooperation agreement on the delivery of equipment and related services to YIT in Finland. In connection with the transaction, Renta also purchased the property used by Kalusto Oy, located in Urjala, Finland.
YIT Kalusto Oy is an in-house equipment service company, providing services solely to YIT. The Company has a broad general rental offering, and it has operations at two depots located in Urjala and Veikkola, in Southern Finland. In connection with the transaction, 67 employees of YIT Kalusto Oy will transfer to Renta.
The enterprise value is EUR 37 million in total, and the purchase price has been paid at the closing of the transaction.
Kari Aulasmaa, CEO of Renta Group, said:
“The acquisition of YIT Kalusto Oy and the long-term cooperation agreement with YIT significantly strengthens Renta’s operations in Finland. Renta and YIT have already had a successful cooperation for several years and through the acquisition the partnership is further broadened to cover entire Finland. YIT is an excellent partner for Renta for continued development of high-quality and sustainable services by leveraging digital solutions. YIT’s equipment rental company is known for high-quality services and we warmly welcome the transferring professionals to Renta.“
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 175 depots and over 2,000 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
Information about YIT Corporation
YIT is a leading construction and development company. Building on over 110 years of experience, YIT develops and builds sustainable living environments: functional homes, future-proof public and commercial buildings, and infrastructure to support the green transition. YIT employs approximately 4,300 professionals in eight countries. YIT’s revenue in 2023 was EUR 2.2 billion. YIT Corporation’s shares are listed on Nasdaq Helsinki. Read more: www.yitgroup.com
Enquiries: ir@renta.com
Legal Disclaimer
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.