Heather Jensen, +1 202 872-0500, firstname.lastname@example.org
Riga, Latvia and Washington, DC, November 24, 2014 - Darby Private Equity ("Darby"), the private equity arm of Franklin Templeton Investments, announced that Darby Converging Europe Fund III (SCS) SICAR ("DCEF III") has completed an investment in SIA Storent Holding ("Storent"), acquiring a majority equity interest in the firm. Financial details of the transaction were not disclosed.
Storent (http://www.storent.com) is one of the leading construction and industrial equipment rental companies in the Baltics, operating 23 rental depots across Latvia, Lithuania and Estonia. Storent was founded in 2008 by Andris Bisnieks and Andris Pavlovs, who remain significant shareholders and will continue to manage the business going forward.
"The financial support we have received from Darby will allow us to further expand our business," said Bisnieks. "Following Darby's investment, we will continue to implement our growth strategy of developing our equipment fleet and strengthening market share in the core Baltic region, and we will also evaluate opportunities to enter new markets," added Pavlovs.
"Storent is very well positioned to benefit from the trend of increasing outsourcing of equipment fleets within the construction industry. Our investment will allow the company to expand its equipment fleet and add new equipment categories. We are excited to be supporting a successful management team with a proven track record of developing the business throughout difficult times. We also believe Storent has a good platform for further international expansion," commented Arkadiusz Podziewski, principal based in Darby's Warsaw office.
DCEF III was represented in this transaction by Attorneys at law BORENIUS. DCEF III has previously made two investments in Turkey and one in Hungary. Including DCEF III, Darby manages two Central and South East Europe dedicated funds, which have collectively made 20 investments in the region.
was founded in 1994 by The Honorable Nicholas F. Brady, who served as U.S. Secretary of the Treasury between 1988 and 1993. Richard Frank joined the firm as CEO in 1997 after his career at the International Finance Corporation (IFC)/World Bank. In 2003, Darby became a fully owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments. For more information please visit darbyoverseas.com.
Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 150 countries. Through specialized teams, the company has expertise across all asset classes—including equity, fixed income, alternative and custom solutions. The company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in 35 countries, the California–based company has more than 65 years of investment experience and over $898 billion in assets under management as of October 31, 2014. For more information, please visit franklinresources.com.