Acquisition of TR Pty Ltd
Thursday 21 April 2016
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.
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.