UK-based rental company Speedy Hire has expanded with the acquisition of OHP Group, which owns companies Rail Hire and Crewe Plant Hire.
Speedy said the deal consisted of £1.5 million (€1.94 million) in cash and £1.7 million (€2.2 million) in debt, with a further cash sum of up to £0.8 million (€1.03 million) payable depending on the future performance of OHP Group.
The OHP Group employs 25 staff and primarily comprises Rail Hire (UK), a company specialising in the hire of overhead line equipment to the rail sector. The OHP Group also includes Crewe Plant Hire, a tools and equipment hire business operating from premises in Crewe.
Speedy said OHP Group founder and managing director, Martin Davies, would remain with the business post-acquisition. OHP Group produced 2015 revenues of £2.6 million (€3.4 million).
Speedy chief executive Russell Down added, ”I am delighted to announce this acquisition which will help expand our business in this specialist sector of a growing UK rail market and further enhance our market position.”