25th Nov 2016 07:45
LONDON (Alliance News) - Equipment rental specialist Vp PLC on Friday said it has purchased New Zealand-based firm TechRentals NZ Ltd for NZD2.6 million, equivalent to around GBP1.5 million at current exchange rates.
TechRentals is a specialist rental company, working primarily with test and measurement equipment and calibration services, and currently operates from a single location Auckland, New Zealand.
TechRentals was previously part of the TR Pty Ltd group, but was disposed of in 2009 under previous ownership. Vp bought TR Pty in April for AUD17.4 million in cash and AUD6.6 million assumed net debt.
Vp said the TechRentals company will operate within the TR group of businesses.
"We are delighted to welcome the experienced TechRentals back to the TR Group and also to the wider team at Vp. The acquisition of TechRentals further increases the TR Group's exposure to the healthy New Zealand market," said VP Chairman Jeremy Pikington.
By Hannah Boland; [email protected]; @Hannaheboland
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