From Entrepreneur to Citira Shareholder—Marko Rantanen Speaks Out
The acquisition of Rengas Turku came about after a long preparation process and slightly earlier than the entrepreneur’s original plan. Marko Rantanen does not specify who initiated the deal. “The decision to sell was the result of several factors,” says Rantanen. He will continue as CEO for the time being and now explains what will change and what will remain the same at the company.
Stability and Positive Changes
In August, Rengas Turku signed an agreement to transfer its shares to Lapin Kumi, which is part of the Nordic Citira Group. Once the competition authority approves the deal, the six locations will come under the new owner’s control. However, the locations will retain the Rengas Turku name. All 63 employees of Rengas Turku will also continue in their current roles.
Marko Rantanen, who will continue as Rengas Turku’s CEO for the time being, assures that many things will remain the same, particularly from the customer’s perspective. The deal will also bring new benefits, however.
“Heavy-duty vehicles will benefit greatly from the acquisition. In addition, work coming from car dealerships nationwide will benefit both parties. We’ve used Lapin Kumi’s retreading facility before, so in that sense, nothing will change. Nor will the products change,” Rantanen sums up.
From Negotiations to a Deal
The sale of the company did not come as a surprise; rather, it had been part of Rantanen’s plans for quite some time. Only the timeline turned out to be slightly faster than originally planned.
“Buyers began showing interest in Rengas Turku about two years and three months ago. My original plan was to retire at age 60, and the business had been structured accordingly,” Rantanen explains. “I had to consider whether to make the deal four years earlier or four years later.”
There wasn’t a strong desire to close the deal right away, but once terms satisfactory to both parties were agreed upon during negotiations, the decision to sell was made. “The decision wasn’t based on any single factor; rather, it was the result of many factors coming together. The outcome is a happy one, and all parties are satisfied.”
Growth and Opportunities Ahead
Rantanen explains that Rengas Turku’s locations are preparing for the upcoming season exactly as they have in the past, with only a slight increase in efficiency expected. Store managers are pleased with the situation, as the deal opens up new career opportunities for them as well.
“Branch managers see that they now have the opportunity to advance in their careers,” Rantanen explains. “Everyone knew that I would be leaving the company within the next five years. Now their career paths are open for decades to come. The deal brings continuity and stability, and it also fosters commitment among employees. That’s absolutely wonderful.”
In Rantanen’s view, the consolidation of the industry into the hands of certain owners can be both a good and a bad thing.
“My assessment is that Citira won’t acquire many more stores, but there might still be a few acquisitions. However, independent regional tire stores still have good chances of succeeding. If a company provides good service, it can succeed in any industry.”
Rantanen considers it important that Rengas Turku continues to uphold, above all, excellent customer service and, at the same time, its values toward its employees.
“I also hope that in the future we’ll have a wider selection and a broader customer base. It’s 100 percent certain that Rengas Turku will grow,” Rantanen predicts.
