Vp plc acquires TR for $17m
Vp plc announced it had acquired the entire issues share capital of TR Pty Ltd for a cash consideration of $17.4 million, payable on completion, and assumed net debt of $6.6 million.
The acquisition will include the takeover of TR’s key business brands across three core electronics technologies — test equipment, communications and audiovisual — including TechRentals, TR Hirecom, TR Telecom, Vidcom NZ and TR Calibration.
Vp plc offers the rental and sale of specialist products and services across construction, civil engineering, rail, water, oil and gas, outdoor events and housebuilding.
Jeremy Pilkington, chairman of Vp plc, said the company has made strong progress in recent years with its UK operations and has been looking towards overseas expansion 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 Pilkington. “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.”
Founded in 1974, TR now has 12 locations across Australia, New Zealand and Malaysia with around 200 employees delivering rental, sales, calibration and repair services to electrical, telecommunications, manufacturing, construction, defence, oil and gas, and mining industries.
In the financial year to 30 June 2015, revenues stood at $33 million generating pre-tax profits of $3 million. TR’s net asset value at 30 June 2015 was $9.9 million.
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