Northbridge completes second £2m acquisition in a week
INDUSTRIAL services and rental company Northbridge was completed the acquisition of a Belgian rental equipment business in a deal worth £2.43m (€2.9m).
The deal comes just days after the Staffordshire group acquired a Singapore firm in a deal worth £2m.
DSG Rental was incorporated in 2006 and specialises in the hire of containerised transformers and switchgear on a global basis. DSGR rents out medium and low voltage transformers at various capacities with voltages from 230v to 36000v.
The product portfolio is complementary to Northbridge’s existing transformer and loadbank rental equipment.
The business has grown substantially since incorporation. Revenue in the 12 months ended June 30, 2011 was£1.51m (€1.8m), predominately generated from rental. Normalised EBITDA was £0.92m (€1.1m).
The deal is being funded from Northbridge’s existing cash resources and bank facilities.
Eric Hook, chief executive of Northbridge, said: “We are very pleased to have completed this acquisition, which is the second this week and which demonstrates the ongoing commitment to our business strategy. DSGR is an excellent fit with Northbridge’s existing business and the acquisition will serve to consolidate our operations in Europe as well as act as a base from which we can meet the growing needs of our clients across Europe.”
