Vp plc, the Harrogate-based specialist equipment rental business, has acquired a majority interest in Charleville Hire and Platform Ltd (CPH).
CPH is one of Ireland’s leading, specialist powered access companies principally servicing the growing pharma, renewables, technology and food ingredient sectors. It is a family owned and run business and is based near Cork in the Republic of Ireland.
Total consideration for the entire share capital of CPH includes an initial cash consideration of €12.1 million. Vp has acquired 90% of the shares in CPH, with the remaining 10% to be acquired over a three-year period.
Subject to business performance against stretching EBITDA targets, a further maximum deferred and earn out payment of €21.7 million may be payable across the second and third anniversaries of the acquisition.
In June 2024, Vp set out its updated strategy with a focus on growing its specialist capabilities in the equipment rental market. The Vp Board believes that this acquisition offers clear strategic benefits building on the Group’s specialist capabilities, particularly in the access market, as well as providing a significant growth opportunity and a platform for further expansion into the Irish market.
Key members of the CPH senior management team will retain a minority interest. CPH has thirty employees and offers a diverse portfolio of machinery, the majority of which is zero emissions at the point of use. It operates out of a single location in Charleville and has a large number of blue-chip customers.
For the year ended 31 December 2023, CPH generated unaudited revenue of €9.5 million, EBITDA of €5.7 million, and profit before tax of €2.3 million. It has unaudited gross assets of €13.9 million.
Commenting on the acquisition, Anna Bielby, Chief Executive of Vp, said: “This acquisition is exactly in line with our renewed strategic focus on building our highly differentiated, specialist customer offering. CPH brings to the Group a market-leading powered access fleet in a growing Irish market while complementing our existing divisions.
“The CPH management team has a track record of successfully growing the business and, with the opportunities that exist in the Irish market, we believe they are well placed for further expansion in the future. I am delighted to welcome the CPH team to Vp.”
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