LVD.L Regulatory News (LVD)

25 Apr 2007 07:02

Lavendon Group PLC25 April 2007 LAVENDON GROUP PLC ACQUISITION OF RISE HIRE LIMITED Lavendon Group plc ("Lavendon"), Europe's market leader in the rental of poweredaccess equipment, today announces the acquisition of Rise Hire Limited ("RiseHire"). Rise Hire operates a rental fleet of 300 machines in the UK, broadly splitbetween van-mounted powered access platforms and forklift trucks, through asingle depot in Over, Cambridgeshire. The audited accounts for Rise Hire for theyear ended 31 December 2006 showed a turnover of £2.9 million, a profit beforetax of £0.2 million, gross assets of £7.7 million and net assets of £1.1million. The consideration payable upon completion is £1.1 million, satisfied in cash.Additional consideration of between £0.45 - £0.65 million will be payable incash by Lavendon dependent upon Rise Hire's financial performance over the 12months to 31 March 2008. The consideration will be funded from the Group'sexisting bank facilities. As part of the transaction, Lavendon will assume RiseHire's net debt of £5.6 million. Lavendon's Chief Executive, Kevin Appleton, commented, "Rise Hire has anexcellent service reputation and operates in a market segment where our UKbusiness is under-represented, and where operational disciplines are different.We view the growth in demand for van-mounted powered access platforms as anexciting opportunity, and intend Rise Hire to be the foundation for furtherinvestment to develop a market leading position in this sector". 25 April 2007 For further information please contact: Lavendon Group plc 01455 558874Kevin Appleton, Chief ExecutiveAlan Merrell, Group Finance Director Weber Shandwick Financial 020 7067 0700Terry Garrett / Nick Dibden / Georgia Dempsey This information is provided by RNS The company news service from the London Stock Exchange