Finnish rental giant Cramo has acquired all the shares of earthmoving equipment rental specialist OptiRent to gain advantage in the industry, according to Rental Equipment Register (RER). The financial terms of the transaction were not disclosed in the said report.

Cramo Finland managing director Tatu Hauhio said of the deal: "We foresee substantial growth potential in earthmoving rental business in Finland, as the rental penetration rate in this segment is still on a relatively low level compared to the rest of Europe. By acquiring OptiRent, Cramo will gain more expertise and customer knowledge in the earthmoving rental business, which helps us to serve our customers even better in this line of business."

Cramo is now eyeing a new earthmoving equipment service facility in Vantaa, Finland. This new project will focus on earthmoving and excavation using the combined forces of both Cramo and OptiRent. The latter's managing director, Joni Ilhalainen, will head the new unit, the report detailed.

Established in 2007, OptiRent is the leading rental firm for earthmoving equipment in Finland. Cramo, on the other hand, is a rental firm that is based in Vantaa. It currently has presence in 15 countries across central and northern Europe, RER reported.