TR acquired by UK-based rental company
Specialist equipment rental company TR Pty Ltd has been acquired by UK-based rental business Vp plc. Vp announced the purchase of the entire issued share capital of TR, committing to pay $17.4 million on completion of the acquisition, with an assumed net debt of $6.6 million.
Founded in 1974, TR provides rental, sales, calibration and repair to a range of markets including electrical, telecommunications, manufacturing, construction, defence, oil and gas, mining and government. The company employs more than 170 people and operates from 13 locations in Australia, New Zealand and Malaysia.
“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,” said Jeremy Pilkington, chairman of Vp plc.
“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.”
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