Tool hire firm spends £21m on double acquisition
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Advised on deals worth £300m in the first half of 2017
Tool hire company Speedy Hire, based at Newton-le-Willows on Merseyside, has splashed out more than £21m on the acquisition of two specialist access platform companies with large fleets, including one operating out of the West Midlands.
Speedy has bought Platform Sales & Hire Ltd, which operates from Birmingham and Milton Keynes for £7.1m with net debt of £3.6m.
It has a fleet of about 850 access platforms and employs 64 people. Its turnover is £9.3m with EBITDA of £2.4m.
Speedy has also bought Prolift Access Ltd, based in the South West, operating from a head office in Taunton, for £5.9m. The company has net debt of £5.3m.
Prolift has a 770 access platforms and has a head count of 72 people. Its revenue is £7.9m with EBITDA of £2.4m and gross assets of £12.1m.
Speedy chief executive Russell Down said: “These acquisitions strengthen our powered access offering and allow us to better serve our customers through the core fleet. I warmly welcome both Prolift Access and Platform Sales & Hire employees to Speedy.”
Speedy was advised by Addleshaw Goddard’s corporate team in Manchester.
