13th Dec 2018 12:02
LONDON (Alliance News) - Speedy Hire PLC on Thursday said it has acquired training provider Geason Holdings Ltd from Ian and Robert Kilpatrick, and connected family trust companies.
The equipment and plant hire services company said Geason generated revenue of GBP8.3 million in the year to the end of October and earnings before interest, taxes, depreciation, and amortization of GBP1.7 million.
Speedy Hire will pay GBP9.0 million on completion of the acquisition. In addition, it will pay up to GBP26.0 million based on Geason achieving certain earnings targets in the three years following.
The acquisition will allow Speedy Hire to better support its customers in training, it said, and accelerate the growth of the company's services businesses.
"This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK," said Chief Executive Russell Down.
"I warmly welcome Ian, Robert and Geason employees to Speedy," added Down.
Speedy Hire shares were trading 5.1% higher on Thursday at 58 pence each.
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