Acquisition

16 Nov 2007 07:00

Vp PLC16 November 2007 Press Release 16 November 2007 Vp plc ("Vp" or "the Group") Acquisition Vp plc, the equipment rental specialist, today announces the acquisition ofthree businesses. Vp plc's Irish subsidiary, Vp Equipment Rental (Ireland) Limited, has acquiredthe business and assets of Underground Safety Services Limited (USS) and PipeTesting Accessories Limited (PTA) for a combined consideration of €0.8m, ofwhich €0.12m is deferred, dependent upon business performance in the 19 monthperiod post completion. The businesses, which operate from premises inTullamore, Republic of Ireland, provide shoring and pipe-stopper services to theIrish construction and civil engineering markets. USS and PTA will beintegrated within the Groundforce division of Vp, which already offers theseservices to the UK market. The combined revenue of the USS and PTA businesseswas €0.6m for the year to 31st January 2007. Vp plc's tool hire subsidiary, Hire Station, has acquired the entire issuedshare capital of Able Safety (Yorkshire) Limited (Able) for a cash considerationof £0.75m. Able, established in 2001, provides safety equipment rental, serviceand sales, plus confined space training from its Knottingley base in WestYorkshire. Able will be integrated with Hire Station's market leading safetyrental activity, ESS Safeforce. In the year to 31st August 2006, Able generatedrevenues of £0.5m. Jeremy Pilkington, Chairman of Vp plc, commented: "The acquisitions of USS and PTA complement the strategic expansion of ourGroundforce business into the Republic of Ireland and will help further supportthe provision of Groundforce's specialist shoring and associated services to ourcustomer base. We are also very pleased to acquire the Able business which will furtherconsolidate our ESS Safeforce safety rental business' position as leader in thismarket." - ENDS - For further information please contact: Vp plcJeremy Pilkington, Chairman Tel: +44 (0) 1423 533 405jeremypilkington@vpplc.comNeil Stothard, Group Managing Director Tel: +44 (0) 1423 533 445neil.stothard@vpplc.com www.vpplc.comMike Holt, Group Finance Director Tel: +44 (0) 1423 533 445mike.holt@vpplc.com www.vpplc.com Media enquiries: Abchurch CommunicationsJustin Heath / Emma Johnson Tel: +44 (0) 113 203 1340Justin.heath@abchurch-group.com www.abchurch-group.com Notes to editors About Vp 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. The Group is focused on six businesses: Hire Station Tools and specialist products for industry, construction and home owners. TPA Portable roadway systems, bridging, fencing and barriers primarily to the UKmarket, but also in the Republic of Ireland and mainland Europe. 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