Vp buys Brandon Hire
Vp plc has announced today that is has acquired of the entire issued share capital of Brandon Hire Group Holdings Ltd and its subsidiaries for a cash consideration of £41.6m, payable on completion and assumed net debt of approximately £27.2m. The acquisition has been funded from new banking facilities with the Group’s lenders
Established in 1971, Brandon has over 900 employees and operates from 143 locations across the UK. It is focused predominantly on small to medium sized enterprises operating in regional and local geographic markets, and Vp says it is closely aligned to Vp’s own tool hire business, Hire Station.
Vp says the combination of the two businesses will, over the medium term, deliver economies of scale in purchasing and operations, and will create a specialist tool hire business within the UK division of Vp.
For the year ended 31 December 2016, Brandon’s revenues were £79.8m, generating profits before interest, tax, exceptionals and amortisation of £6.0m from gross assets of £50.6.