16.11.2007

VP buying spree

British based rental company VP, previously known as Vibroplant and owner of UK Forks, has announced three new acquisitions. Two in Ireland and one in the UK.

Vp plc’s Irish subsidiary, Vp Equipment Rental (Ireland) has acquired the business and assets of Underground Safety Services Ltd and Pipe Testing Accessories Ltd for a combined consideration of €800,000, of which €120,000 is deferred, dependent upon the business performance over the next 19 months.

The two businesses which operate from a shared premises in Tullamore, provide shoring and pipe-stopper services to the construction and civil engineering markets in Ireland.

The two companies will be integrated into VP’s Groundforce division which offers these services in the UK. The combined revenue of the two companies was €600,000 for the year to 31st January 2007.

At the same time Vp plc's tool hire business, Hire Station, has acquired the entire issued share capital of Able Safety (Yorkshire) for £750,000 in cash.

Able was established in 2001 and provides safety equipment rental, service and sales, plus confined space training from its Knottingley base in West Yorkshire.

Able, which generated around £500,000 in revenues in 2006 will be integrated into Hire Station's safety rental activity, ESS Safeforce.

Jeremy Pilkington, chairman of Vp said: "The acquisitions of USS and PTA complement the strategic expansion of our Groundforce business into the Republic of Ireland and will help further support the provision of Groundforce's specialist shoring and associated services to our customer base.”
“We are also very pleased to acquire the Able business which will further consolidate our ESS Safeforce safety rental business’ position as leader in this market.”