Speedy Hire Plc, the provider of tools, specialist equipment and services, has acquired Derbyshire sustainable power solutions specialist, Green Power Hire Limited (GPH), for an enterprise value of £20.2m.
The total consideration represented £10m of equity value and assumed debt of £10.2m which was settled at completion. Speedy acquired GPH from its principal shareholder, Russell’s (Kirbymoorside) Limited, and four other shareholders.
GPH is a recognised owner and supplier of Battery Storage Units (BSU) to the UK rental market, mainly to the construction sector. GPH’s BSUs, with their digital capability, enable customers to achieve both financial and environmental savings compared to alternative systems available.
Mark Chamberlain, director and one of the vendor shareholders of GPH, joined Speedy at completion as an integral part of the ongoing management team.
Dan Evans, Chief Executive, Speedy, said: “The acquisition of Green Power Hire is further evidence of our Velocity strategy in action, strengthening our market leadership in combining product innovation and sustainability, and positioning Speedy well in a high growth segment of the market.
“Alongside investments such as our partnership with Niftylift and our proposed JV with AFC Energy, the acquisition progresses the sustainable and technological evolution of the sectors we operate in, supports our ambitious plan to become a net zero business by 2040 and will deliver long term benefits to our customers, our people and our investors.”
