Latvia-based equipment rental company Storent, with 32 locations across the Baltic and Nordic regions, has expanded into the U.S. market with the acquisition of Connect Rentals in Texas.
Storent has acquired a 70 percent stake in Connect Rentals, which has locations in Jacksonville and Tyler, Texas, and manages a fleet of more than 1,250 units. In 2024, Connect Rentals reported revenues of approximately $12.3 million with an EBITDA (earnings before interest, taxes, depreciation and amortization) of $7.65 million. The company said expansion plans are already in motion, with additional branches set to open across Texas in the coming years.
Connect Rentals will retain its team, while Storent will bring digitalization tools and financing capacity, according to Storent. 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.
The financial terms of the deal remain undisclosed. The acquisition was financed through proceeds from Storent’s public bond issue in April 2025.
Founded in 2008, Storent is a 100 percent Latvian-owned company specializing in rental process digitalization and online sales. The company operates 15 rental locations in Latvia, eight in Lithuania, four in Estonia, four in Finland, one in Sweden and now two in the United States. Storent employs more than 275 people across its group companies.
