The United Kingdom’s largest rental company Speedy Hire has acquired Waterford Hire Services Ltd., Speedy announced last week, for £6.5 million (about U.S. $13.2 million). Waterford, based in Waterford City, Ireland, also has a branch in South Kilkenny.
Speedy paid £5.2 million in cash, plus the rest in Speedy stock, the number of shares to be decided by Waterford Hire’s performance in its financial year ended Dec. 31. Speedy is based in Newton Le Willows, England.
“We are pleased to be building on the good start that we have made in Ireland where both the demand for our products and the growth prospects are strong,” said Speedy chief executive Steve Corcoran. “Through our current depots and the addition of Waterford Hire, Speedy Hire will be well-placed to capitalize on the significant infrastructure investment expected in the south east of Ireland over the coming years.”