BOGOTÁ, Colombia–(BUSINESS WIRE)–23 & Park, an investment firm comprised of Colombian and
international executives, has completed the acquisition of rentandes,
one of the leading companies in medium and long-term rental (Renting)
of vehicles, trucks and yellow equipment in Colombia.
Simultaneously with the purchase, 23 & Park will make a capital
injection and will work with the current team to support the growth and
ongoing projects of the Company. The terms of the transaction were not
disclosed.
With over 300 clients and offices in the main cities in Colombia, rentandes
offers renting services to companies and individuals throughout the
country to support their growth.
Alvaro H. Orbes, Managing Partner of 23 & Park highlighted that, “within
our group there is ample experience in the renting business in different
parts of the world. Our task, together with the company’s current team,
is to apply that knowledge of best global practices, in rentandes.”
Additionally, Daniel Palacios, Managing Partner of 23 & Park highlighted
some points that made the operation attractive to the group, “rentandes’
trajectory for more than 19 years as one of the leaders of the industry,
the broad range of clients served, the low penetration of renting in the
country and the necessary replacement of the automotive fleet and
machinery in Colombia, are some of the reasons that made this
opportunity attractive.”
In Colombia an increasing amount of companies are accessing renting
services given that it allows them to: (i) rationalize the use of
capital by not disbursing resources to acquire assets upfront; (ii)
eliminate the administrative burden of maintaining and managing assets;
and (iii) enjoy certain tax advantages. The companies that use this
service sign an agreement to ‘rent’ a certain group of assets for a
period between 3 and 5 years. At contract-end, the client can decide to
return the assets or acquire them. In exchange for a monthly payment,
the renting provider (rentandes) is responsible for the purchase,
preparation, maintenance and other needs of the assets.
From Carlos E. Gómez’s perspective, one of 23 & Park’s investors and who
will join the Board of Directors of rentandes, “The industry
has a lot of potential in Colombia and rentandes is well positioned to
exploit it because it has deep know-how and a strong position on which
we can build.” Mr. Gómez has been board member of successful
companies similar to rentandes in Mexico and Latin America.
Alejandro Trujillo, the current CEO and Founder of rentandes will
assume the role of President, while Alvaro H. Orbes will join as CEO.
About 23 & Park
23 & Park is an investment partnership comprised of Colombian and
international executives. It focuses on the active management of solvent
small to medium-sized businesses with strong potential. For more
information, visit www.23park.com.
About rentandes
Founded in 2000, rentandes is one of the leading companies in
vehicle and heavy equipment renting services, long-term renting and
other related services such as fleet management. It is based in Bogotá
and currently has 7 regional offices in Colombia. For more information,
visit www.rentandes.com.
Contacts
Javier Vargas
[email protected]
