Speedy has acquired the entire issued share capital of both Prolift Access and Platform Sales & Hire, both of which are established players in the nether regions of the Top 20.
Prolift is based in the west country, with its head office in Taunton. It has a fleet of approximately 770 access platforms and employs 72 people. Revenue for Prolift鈥檚 financial year ended 31st December 2016 was 拢7.9m with EBITDA of 拢2.4m and gross assets of 拢12.1m.
Speedy paid 拢5.9m cash and took on net debt of 拢5.5m, following a property sale for 拢1.2m by Prolift to a company connected with one of the vendors.
Platform Sales & Hire is based in Milton Keynes and Birmingham and has approximately 850 access platforms and 64 employees. Revenue for PSHL鈥檚 financial year ended 28th February 2017 was 拢9.3m with EBITDA of 拢2.4m and gross assets of 拢9.8m.
Speedy paid 拢7.1m cash for Platform Sales & Hire and took on 拢3.6m of debt.
According to specialist publication Cranes & Access, the addition of 1,620 platforms to Speedy鈥檚 fleet, which it estimates at 3,000 units, would take it just above A-Plant in its annual rankings of powered access platform fleets. A-Plant is credited with having 4,500 units. The top three are Nationwide (11,145 units), HSS (9,112) and AFI (6,219).
Speedy chief executive Russell Down said: 聽"These acquisitions strengthen our powered access offering and allow us to better serve our customers through the core fleet. I warmly welcome both Prolift Access and Platform Sales & Hire employees to Speedy."
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