Hire business signs takeover deal for New Zealand company
EQUIPMENT rental firm Vp has snapped up Kiwi firm TechRentals NZ as it looks to expand in the Southern Hemisphere.
The deal for the Auckland-based group was worth NZ$2.592m (£1.49m).
TRNZ specialises in the rental of test and measurement equipment and calibration services in New Zealand. It was part of the TR group (one company of which Vp acquired earlier this year) but it was disposed of under previous ownership in 2009.
It has been established for 30 years and operates from a single site.
The acquisition falls in line with Harrogate-based Vp’s aggressive growth strategy. The company acquired another rentals firm TR Pty in April 2016. The company, based in Australia and Malaysia, was acquired for £10m.
The TRNZ business will operate within the wide TR group of businesses which have existing activities in Australia, New Zealand and Malaysia.
Jeremy Pilkington, chairman of Vp plc, commented:”We are delighted to welcome the experienced TRNZ back to the TR Group and also to the wider team at Vp. The acquisition of TRNZ further increases the TR Group’s exposure to the healthy New Zealand market.”
