UK rental group Vp has acquired 90 percent for the equity in Irish rental company CPH (Charleville Hire and Platform) for an initial cash sum of €12.1 million.
CPH owners and managers James Dundon and Martin Hanley will hold the remaining equity and stay with the business during a three year earn-out period during which time Vp will acquire the remaining shares with a potential for a further €21.7 million to be paid, based on going performance at the end of each year.
James Dundon (L) and Martin Hanley of CPH in front of their new headquarters facility
CPH is based in Charleville halfway between Cork and Limerick, and operates from three other outlets in Cork, Limerick and Dublin with 30 employees and a fleet that includes boom and scissor lifts as well as alloy scaffold towers, telehandlers and general rental equipment. The company had revenues last year of €9.5 million, with a pre-tax profit €2.3 million and total assets of €13.9 million.
The new Charleville HQ is located on a three acre site with 650 square metres under cover
Vp chief executive Anna Bielby said: "This acquisition is exactly in line with our renewed strategic focus on building our highly differentiated, specialist customer offering. CPH brings to the group a market leading powered access fleet in a growing Irish market while complementing our existing divisions.”
“The CPH management team has a track record of successfully growing the business and, with the opportunities that exist in the Irish market, we believe they are well placed for further expansion in the future. I am delighted to welcome the CPH team to Vp."
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