UK-headquartered rental company Vp has expanded its presence in Australia with the acquisition of Melbourne-based test and measurement specialist TR.
Vp said the deal was worth AU$17.4 million (€11.5 million), with assumed net debt of AU$6.6 million (€4.4 million). TR is engaged in the specialist rental of test and measurement, communications, and audio visual equipment in Australia, New Zealand and Malaysia.
The business employs 170 people and operates from 13 locations with a head office in Melbourne, Australia.
It 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, TR’s revenues were AU$33 million (€22 million), with pre-tax profit of AU$3 million (€1.9 million).
Vp already has a presence in Australia through its Airpac Bukom brand, which targets the oil and gas market.
The TR deal comes after a string of acquisitions from Vp, including its investment in electrical instrumentation and environmental test equipment specialist Test & Measurement Group for £3.95 million (€5.6 million).
Vp chairman Jeremy Pilkington 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."
In March, Vp invested £4.1 million (€5.3 million) acquiring UK tracked access platform rental specialist Higher Access.