British national rental company Vp plc last week made two acquisitions: UM Holdings, parent company of U-Mole, and Redding Hire. Vp spent £4.5 million (about U.S. $9 million) to buy U-Mole, one of the biggest players in the United Kingdom’s trenchless market, with annual rental volume of about £4 million. U-Mole sells and rents trenchless installation equipment to the utilities contractor market.
Vp expects U-Mole to contribute about £300,000 to its profit in its first year of ownership.
U-Mole will operate as a separate activity within Vp’s Groundforce division, adding the trenchless option to Groundforce’s open cut shoring business. All U-Mole’s employees (around 20), including the management team, are transferring with the business.
Vp chairman Jeremy Pilkington said U-Mole will provide value added services and expertise, which will complement Vp’s existing offering to the regulated utility sector.
Group managing director Neil Stothard said there was potential to make U-Mole’s services and equipment available through Groundforce’s other depots around the country, as and when demand required.
The Harrowgate, U.K.-based Vp also acquired Redding Hire for about £2.9 million, the company said. Northamptonshire-based Redding specializes in hiring shoring products and plant to the construction and civil engineering sectors. The business will continue to operate within Vp and boost its Groundforce division’s geographical network. Vp expects to expand the range of services offered by Redding.
Vp has made seven acquisitions in as many months.