Vp plc, one of the United Kingdom’s largest equipment hire (rental) companies has acquired Ireland’s Charleville Plant Hire, according to U.K. news reports. The acquisition price is in the neighborhood of €33 million (more than $43 million.)
In 2023, CPH generated unaudited revenue of €9.5 million, EBITDA of €5.7 million, and profit before tax of €2.3 million, said one report. It has unaudited gross assets of €13.9 million.
Vp said key members of the CPH senior management team will retain a minority interest and remain with the business.
Vp’s chief executive Anna Bielby talked about CPH’s strength in Ireland’s powered access market as well as the strength of the company’s management team, which has led an aggressive growth strategy for the Irish company, as well as potential for further expansion.
Vp is acquiring a 90-percent stake in CPH. Reports said Vp is paying an initial cash consideration of €12.1 million with an additional €21.7 to be paid during a three-year period depending on the achievement of EBITDA targets.
For more on the story, check out: https://www.msn.com/en-ie/money/companies/cork-plant-hire-company-acquired-by-uk-firm-in-deal-potentially-worth-over-33-million/ar-AA1rGTNw
