Vp PLC Acquisition of TR Pty Ltd (9099V)
April 21 2016 - 4:42AM
UK Regulatory
TIDMVP.
RNS Number : 9099V
Vp PLC
21 April 2016
Press Release 21 April 2016
Vp plc
("Vp" or the "Group")
Acquisition of TR Pty Ltd
Vp plc, the equipment rental specialist, today announces the
acquisition of the entire issued share capital of TR Pty Ltd ("TR")
for a cash consideration of A$17.4 million (Australian Dollars)
payable on completion and assumed net debt of A$6.6 million.
TR is engaged in the specialist rental of test &
measurement, communications, and audio visual equipment in
Australia, New Zealand and Malaysia. TR is the market leader in
technical equipment rental and calibration in Australia. The
business was founded in 1974 and operates from 13 locations with a
head office in Melbourne, Australia.
With over 170 employees the business provides a wide range of
services through a combination of rental, sales, calibration and
repair to a breadth of markets including electrical,
telecommunications, manufacturing, construction, defence, oil and
gas, mining, and government.
In the year to 30 June 2015, revenues were A$33.0 million
generating pre tax profits for the year to 30 June 2015 of A$3.0
million. Net asset value at 30 June 2015 was A$9.9 million.
Commenting on the acquisition of TR, Jeremy Pilkington, Chairman
of Vp plc, said:
"In recent years the Vp group has made strong progress based
mainly on its operations within the UK. It has been our aspiration
for some time to increase the Group's overseas presence, given the
right opportunity. We are therefore very pleased to have acquired
the TR business and warmly welcome the whole TR team to Vp.
TR is a market leading, specialist rental provider, consistent
with the key attributes of all businesses within Vp. We are excited
by the quality of this business and believe that by working with
and supporting the TR team going forward we will, together, be able
to deliver further incremental growth and development."
Further information on TR can be viewed at www.tr.com.au.
- Ends -
For further information:
Vp plc
Jeremy Pilkington, Executive Tel: +44 (0) 1423
Chairman 533 400
Neil Stothard, Chief Executive www.vpplc.com
Allison Bainbridge, Group Finance
Director
Media enquiries:
Buchanan
Henry Harrison-Topham / Jane Tel: +44 (0) 20
Glover 7466 5000
Vp@buchanan.uk.com www.buchanan.uk.com
Notes to Editors
Vp plc is a specialist rental business providing products and
services to a diverse range of markets including civil engineering,
rail, oil and gas exploration, construction, outdoor events and
industry, primarily within the UK, but also overseas.
The Group is focused on six businesses:
Airpac Bukom Oilfield Services
Equipment and service providers to the international oil and gas
exploration and development markets.
Groundforce
Excavation support systems and specialist products for the
water, civil engineering and construction industries primarily in
the UK, 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 maintenance industry.
TPA
Portable roadway access solutions to the transmission, outdoor
events, construction and utility sectors in the UK, the Republic of
Ireland and mainland Europe.
UK Forks
Rough terrain material handling equipment for the housebuilding,
general construction and industrial markets.
Further information is available at www.vpplc.com/investors
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQUAOKRNBASURR
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April 21, 2016 05:42 ET (09:42 GMT)
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