Vp plc, a U.K.-based equipment rental company has acquired Brandon Hire Group and its subsidiaries for about £41.6 million, and assumed net debt of approximately £27.2 million. The acquisition was funded from new banking facilities with the Group’s lenders.

Brandon was established in 1971 and operates from a network of 143 locations across the U.K. Brandon Hire has an extensive customer base focused predominantly on small- to medium-sized enterprises operating in regional and local geographic markets. Brandon is a profitable business and operates a full range of rental equipment and tools with an operational model closely aligned to Vp’s own tool hire business Hire Station.

Vp has a U.K. and an international division and in addition to Hire Station in the U.K., has other rental brands including Ground Force, an earthmoving specialist; Torrent Trackside, which rents infrastructure equipment and services for the railway renewals and maintenance industry; TPA, which offers portable roadway access solutions; and UK Forks, which specializes in rough-terrain material handling equipment.

Internationally, Vp offers Airpac Bukom Oilfield Services, providing equipment and services to the international oil and gas exploration and development markets; and TR Group, offering specialist rental of test and measurement and communications equipment in Australia, New Zealand and Malaysia.

Brandon Hire’s 2016 revenues were £79.8 million.

“The acquisition of a well-established business of the size and quality of Brandon Hire is a significant development for Vp,” said Jeremy Pilkington, chairman of vp plc. “We have, over recent years, developed an industry-leading specialist tool hire business in the UK. This transaction represents a major step change in the scale and scope of our specialist tool hire offering. The Vp and Brandon Hire business cultures are closely aligned and we look forward to working with all of the Brandon Hire employees in developing the business further over the coming years.”

“Brandon Hire is a long-established, well-managed profitable business, which is an extremely positive addition to the Vp group,” added Neil Stothard, chief executive of Vo plc. “With an extensive branch network, Brandon Hire is an excellent geographic fit with our current specialist tool hire operations and we expect this acquisition to be earnings enhancing to the group in the first 12 months of ownership.”

Vp’s interim results for the six months ended Sept. 30 will be announced Nov. 21.