VP acquires Brandon Hire

Equipment rental specialist VP has acquired Brandon Hire and its subsidiaries for a cash consideration of £41.6m.

Vp plc

The Harrogate-based firm will assume net debt of around £27.2m and the acquisition has been funded through new banking facilities with VP’s lenders.

Brandon Hire is a major national tool and equipment hire business with over 900 employees, which operates from a network of 143 locations across the UK.

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The business was established in 1971 and has an extensive customer base focused predominantly on SMEs operating in regional and local geographic markets.

Jeremy Pilkington, chairman of VP, said: “The acquisition of a well established business of the size and quality of Brandon Hire is a significant development for VP.

“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.”

Neil Stothard, chief executive of VP, said: “Brandon Hire is a long established, well managed profitable business which is an extremely positive addition to the Vp group.

“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 twelve months of ownership.”