Acquisition

6 Nov 2006 07:01

Vp PLC06 November 2006 Press Release 6 November 2006 Vp plc ("Vp" or "the Group") Acquisition Vp plc, the equipment rental specialist, today announces the acquisition, by itstool hire subsidiary Hire Station, of the entire issued share capital of MEPHire Limited ("MEP") for a cash consideration of £3.3 million. MEP, based in Scotland, specialises in the rental and sale of press fitting,electro fusion and pipe threading machines on a national basis. The acquiredbusiness will operate within Hire Station alongside its existing activities.All of the employees of MEP will transfer to Hire Station, including the highlyexperienced management team who have established a strong track record in thissector and who also have long standing experience of the general tool hiremarket. For the year ended 31 January 2006 MEP reported profits before tax andexceptional costs of £0.6 million on turnover of £2.4 million. Jeremy Pilkington, Chairman of Vp plc, commented: "We are very pleased to acquire the MEP business which will complement HireStation's existing activities. The business fits our core criteria of beingspecialist with a strong market share in its chosen field. We look forward toworking with the MEP management in continuing the excellent growth which theyhave delivered over recent years. More broadly, this acquisition for HireStation reflects the significant progress that continues to be made in our toolhire division." - Ends - For further information please contact:Vp plcJeremy Pilkington, Chairman Tel: +44 (0) 1423 533 445jeremypilkington@vpplc.com www.vpplc.comNeil Stothard, Group Managing Directorneil.stothard@vpplc.comMike Holt, Group Finance Directormike.holt@vpplc.comAbchurch Communications Sarah Hollins / Justin Heath Tel: +44 (0) 113 203 1340sarah.hollins@abchurch-group.com www.abchurch-group.com Notes to Editors: The principal activity of the Group is equipment rental and associated servicesalmost entirely conducted within the UK. Vp plc listed on the London StockExchange in 1973. For the year ended 31 March 2006, Group turnover was£99.4million. The Group is focused on six businesses: TPA Portable roadway systems, bridging, fencing and barriers primarily to the UKmarket, 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 maintenanceindustry. Groundforce Excavation support systems and specialist products for the water, civilengineering and construction industries. UK Forks Rough terrain material handling equipment for industry, residential and generalconstruction. Airpac Bukom Oilfield Services Equipment and service providers to the international oil and gas exploration anddevelopment markets. This information is provided by RNS The company news service from the London Stock Exchange