Loxam Group, Europe’s largest equipment rental company, said its wholly owned subsidiary Nationwide Platforms Ltd. has entered into a conditional agreement with HSS Hire Group to acquire UK Platforms Ltd., an aerial work platform rental specialist with 12 branches in the United Kingdom. UKP has been owned by HSS since 2013.
As part of the transaction, Nationwide has entered into a commercial agreement with HSS to provide powered access equipment to complement HSS’ existing fleet.
The closing of the transaction is subject to the approval of HSS’ shareholders and the confirmation that it will not be referred to the Competition and Mergers Authority. The companies expect the transaction to close before the end of the year.
“I am delighted with the acquisition of UKP, which will further reinforce NWP’s position as the leading powered access specialist in the U.K.,” said Don Kenny, CEO of Loxam’s Powered Access Division. “The customers, employees, fleet and facilities that UKP will bring to NWP will help us expand our offering and enhance our service to both sets of customers. The partnering agreement with HSS is an exciting development for both companies, which I am sure will bring mutual benefits to both our and HSS’ customers.”
“The acquisition of UKP demonstrates Loxam’s commitment to the United Kingdom rental market and to further investing in its Powered Access Division,” added Gérard Déprez, Loxam president. “Loxam is always pleased to welcome new colleagues, with whom to share mutual expertise and common ambition to continuously improve the service we provide to our customers.”
Steve Ashmore, CEO of HSS was also bullish about the transaction. “The UK Platforms business has made an excellent contribution to HSS over a number of years, but considering our priorities and focus on tool hire, we feel it will reach its full potential under new ownership,” he noted. “We will continue to provide our customers with all of their powered access needs through the new strategic partnership with Nationwide.”
Loxam posted €1.435 billion in unaudited proforma consolidated revenue in 2017 (about U.S. $1.681 billion), with more than 750 branches in 13 European countries as well as the Middle East, Morocco and Brazil. HSS Hire Group has more than 250 U.K. locations.
