Renta Acquires Tunnel Support
Deal News | Oct 31, 2024 | IK Investment Partners (IK Partners)
Renta Group Oy, backed by IK Investment Partners, has acquired Tunnel Support AS and Tunnel Support Sverige AB from Andersen Mek Verksted AS. Tunnel Support, headquartered in Bergen, Norway, specializes in rental machinery for tunneling infrastructure projects in Norway and Sweden. This strategic acquisition allows Renta to enhance its market presence in the tunneling infrastructure rental segment by integrating Tunnel Support's modern machinery and skilled workforce. The acquisition aims to capitalize on synergies between Tunnel Support's niche services and Renta's extensive rental operations, progressing toward growth and efficient service provision.
Sectors
- Rental Equipment Industry
- Infrastructure Development
Geography
- Norway – Tunnel Support is headquartered in Bergen, Norway, and the acquisition reinforces Renta's operations within the country.
- Sweden – Tunnel Support operates in Sweden, and the acquisition extends Renta's market reach in the region.
Industry
- Rental Equipment Industry – The acquisition is primarily focused on the rental of specialized machinery for the tunneling infrastructure sector, enhancing Renta's offerings in this industry.
- Infrastructure Development – Tunnel Support's services target tunnelling infrastructure projects, influencing infrastructure development in Norway and Sweden.
Financials
- – The financial terms of the acquisition were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Renta Group Oy | Bidding Company | Company | A leading European equipment rental company supported by IK Investment Partners. |
| Tunnel Support AS | Target Company | Company | A rental company offering specialized machinery for tunneling infrastructure projects in Norway and Sweden. |
| Tunnel Support Sverige AB | Target Company | Company | Operates alongside Tunnel Support AS in the provision of machinery for tunneling projects. |
| Andersen Mek Verksted AS | Selling Company | Company | Former owner of Tunnel Support, sold the company to Renta Group. |
| IK Investment Partners | Private Equity Firm | Company | PE firm backing Renta Group in its acquisition and expansion strategy. |
| Leif-Martin Drange | Managing Director at Renta Norway | Person | Commented on the strategic benefits of the acquisition. |
| Kato Stien | CEO of Tunnel Support AS | Person | Expressed optimism about joining Renta and leveraging synergies. |