Nottingham, United Kingdom, June 02, 2008 --(PR.com
)-- Vp plc, the equipment rental specialist, today announces the acquisition, by its tool hire subsidiary Hire Station, of the entire issued share capital of Northern Site Services Limited and the business and assets of Northern Site Services Test & Calibration Services (“NSS”) for a cash consideration of £1.6m. At completion, NSS had £0.8m of free cash.
NSS, established in 1993, provides temporary lighting and site electrics principally to the petrochemical and industrial sectors from its Teesside base in Middlesbrough. NSS will be integrated with Hire Station’s market leading safety rental activity, ESS Safeforce. In the year to 31st March 2007, NSS generated revenues of £0.5m.
John Singleton, Managing Director, commented,
“NSS is an excellent fit for ESS Safeforce providing further expansion of its specialist safety equipment offering, in support of process industry shutdown activities.
The acquisition of NSS, and earlier in the financial year of Able Safety (Yorkshire) Limited, demonstrates our commitment to build on market leading positions within the specialist safety equipment market.”