£200m-turnover rental business grows with specialist acquisition
Acquisitive rental business Vp has snapped up a £7.7m-turnover specialist firm Zenith Survey Equipment.
The Ossett-based company was started in a Portakabin thirty years ago, and now has branches in Crawley, Manchester, Lincoln, Middlesbrough, Livingston and Glasgow, as well as its head office in West Yorkshire. It trades as Survey Connection in Scotland.
The business specialises in the rental and sale of survey and safety equipment, primarily serving the construction and civil engineering sectors.
The company turned over £7.7m in 2016 with pre-tax profits of £560,991.
Harrogate-based Vp has acquired the business for £3.9m, plus assumed debt of £2.3m.
It will be integrated within ESS Safeforce, part of Hire Station, Vp’s specialist tool hire business.
Jeremy Pilkington, chairman of Vp plc, said:”The acquisition of a well established business like Zenith represents an important expansion of Vp’s specialist tool hire activities. I am delighted to welcome the experienced Zenith team to the Vp Group.”
£208m-turnover Vp is known for expanding via acquisition, having acquired a raft of New Zealand and Australian businesses over the past year, as well as specialist companies closer to home.
A Squire Patton Boggs team of Hannah Kendrick, Carly Gulliver and Victoria Kierans advised VP and Dan Rosinke and Claire Elcock from Grant Thornton in Leeds provided Vp plc with financial due diligence services.
