Storent Expands into the U.S. Market with Acquisition of Connect Rentals

AS Storent Holding (Storent), one of the largest equipment rental companies in the Baltics, has taken a historic step by acquiring a 70% stake in the U.S. equipment rental company Connect Rentals. This marks the first-ever expansion of a Latvian equipment rental company into the United States — the world’s largest and fastest-growing rental market. The transaction was completed on September 30, 2025.

Strategic Entry into Texas

Connect Rentals is based in Texas, a region experiencing rapid economic and infrastructure growth. The company operates two rental locations and manages a fleet of more than 1,250 units. In 2024, Connect Rentals reported revenues of approximately USD 12.3 million with an EBITDA of USD 7.65 million, showing consistent growth. Expansion plans are already in motion, with additional branches set to open across Texas in the coming years.

Partnership Synergies

The acquisition creates strong synergies between Storent’s expertise and Connect Rentals’ local presence. Connect Rentals will retain its experienced team and deep customer relationships, while Storent will bring cutting-edge digitalization tools and financing capacity. Starting in 2026, Connect Rentals will roll out Storent’s digital platform, aimed at boosting operational efficiency and enhancing customer experience.

“This transaction is a turning point not only for Storent but also for Latvian entrepreneurship. For the first time, we are stepping far beyond Europe, proving our ability to export knowledge and make an impact across the Atlantic. Together with the Connect Rentals team, we aim to raise rental service standards and establish ourselves as innovation leaders in the U.S. market,” said Andris Pavlovs, Co-Founder and Chairman of the Management Board, AS Storent Holding.

“We’re glad to team up with Storent to grow our business. They know how to attract financing, and their digital innovations will accelerate the business expansion," said Cody Carroll, CEO of Connect Rentals.

A Profitable Market with Strong Growth

The U.S. accounts for nearly 60% of the global equipment rental market, which grew by 8.2% in 2024 to reach EUR 75 billion (American Rental Association). With Connect Rentals’ strong customer insights and Storent’s proven expertise in digitalization, fleet, and market expansion, the new team is positioned to achieve strategic growth.

Financing the Deal

The acquisition was financed through proceeds from Storent’s public bond issue in April 2025, complemented by funding from First Merchants Bank (U.S.). The new partnership between Storent and Connect Rentals was coordinated by Mike Crouch of RMC Consults LLC. Legal advisory was provided by the team of Ellex Kļaviņš  (Latvia) led by partner Ivars Pommers and Cantey Hanger LLP (Texas), while Whitley Penn LLP supported with financial and tax advise. The financial terms remain undisclosed.

About Storent Holding

Founded in 2008, Storent is a 100% Latvian-owned company and a recognized leader in rental process digitalization and online sales. Storent holds the largest market share in Latvia and strong positions in Estonia and Lithuania, with successful operations in Finland, Sweden, and now the U.S.

The company operates 34 rental depots: 15 in Latvia, 8 in Lithuania, 4 in Estonia, 4 in Finland, 1 in Sweden, and 2 in the United States. Storent employs over 275 people across its group companies.