Last checked at 21 Apr 2016 10:42
Press Release | 21 April 2016 |
Vp plc
("Vp" or the "Group")
Acquisition of TR Pty Ltd
Vp plc, the equipment rental specialist, today announces the acquisition of the entire issued share capital of TR Pty Ltd ("TR") for a cash consideration of A$17.4 million (Australian Dollars) payable on completion and assumed net debt of A$6.6 million.
TR is engaged in the specialist rental of test & measurement, communications, and audio visual equipment in Australia, New Zealand and Malaysia. TR is the market leader in technical equipment rental and calibration in Australia. The business was founded in 1974 and operates from 13 locations with a head office in Melbourne, Australia.
With over 170 employees the business provides a wide range of services through a combination of rental, sales, calibration and repair to a breadth of markets including electrical, telecommunications, manufacturing, construction, defence, oil and gas, mining, and government.
In the year to 30 June 2015, revenues were A$33.0 million generating pre tax profits for the year to 30 June 2015 of A$3.0 million. Net asset value at 30 June 2015 was A$9.9 million.
Commenting on the acquisition of TR, Jeremy Pilkington, Chairman of Vp plc, said:
"In recent years the Vp group has made strong progress based mainly on its operations within the UK. It has been our aspiration for some time to increase the Group's overseas presence, given the right opportunity. We are therefore very pleased to have acquired the TR business and warmly welcome the whole TR team to Vp.
TR is a market leading, specialist rental provider, consistent with the key attributes of all businesses within Vp. We are excited by the quality of this business and believe that by working with and supporting the TR team going forward we will, together, be able to deliver further incremental growth and development."
Further information on TR can be viewed at www.tr.com.au.
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For further information:
Vp plc |
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Jeremy Pilkington, Executive Chairman | Tel: +44 (0) 1423 533 400 | |
Neil Stothard, Chief Executive | www.vpplc.com | |
Allison Bainbridge, Group Finance Director |
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Media enquiries: |
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Buchanan |
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Henry Harrison-Topham / Jane Glover | Tel: +44 (0) 20 7466 5000 | |
Vp@buchanan.uk.com | www.buchanan.uk.com | |
Notes to Editors
Vp plc is a specialist rental business providing products and services to a diverse range of markets including civil engineering, rail, oil and gas exploration, construction, outdoor events and industry, primarily within the UK, but also overseas.
The Group is focused on six businesses:
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas exploration and development markets.
Groundforce
Excavation support systems and specialist products for the water, civil engineering and construction industries primarily in the UK, but also in the Republic of Ireland and mainland Europe.
Hire Station
Tools and specialist products for industry, construction and home owners.
Torrent Trackside
Infrastructure equipment and services for the railway renewals and maintenance industry.
TPA
Portable roadway access solutions to the transmission, outdoor events, construction and utility sectors in the UK, the Republic of Ireland and mainland Europe.
UK Forks
Rough terrain material handling equipment for the housebuilding, general construction and industrial markets.
Further information is available at www.vpplc.com/investors