Harrogate business snaps up £10m Australian firm
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HARROGATE-BASED equipment rental firm Vp has acquired an Australian firm in a £9.5m deal.
The deal, for £9.47m (AUS$17.4m) sees Vp acquire TR Pty.
TR specialises in the rental of test and measurement, communications and audio visual equipment, trading across Australia, New Zealand and Malaysia.
It was founded in 1974 and is headquartered in Melbourne, Australia, employing 170 people.
In the year to 30 June 2015, revenues were A$33.0 million generating pre tax profits for the year to 30 June 2015 of A$3.0 million. Net asset value at 30 June 2015 was A$9.9 million.
In recent years Vp has mainly concentrated on its UK operations, most recently acquiring Liverpool-based safety equipment rental business, Test & Measurement Group, in a £3.65m deal last year.
Jeremy Pilkington, chairman of Vp plc, said: “In recent years the Vp group has made strong progress based mainly on its operations within the UK. It has been our aspiration for some time to increase the Group’s overseas presence, given the right opportunity.
“We are therefore very pleased to have acquired the TR business and warmly welcome the whole TR team to Vp.
“We are excited by the quality of this business and believe that by working with and supporting the TR team going forward we will, together, be able to deliver further incremental growth and development.”
In December 2015, Vp announced it was on track for another record-breaking year , with revenues reaching £105m, up £4m for the six months to 30 September.
Pretax profits also increased to £16.3m up from £15.5m.