TR acquired by UK-based Vp plc

Vp plc, a specialist rental business providing products and services to a diverse range of markets, primarily within the UK, has announced the acquisition of the entire issued share capital of TR Pty Ltd (“TR”) for a cash consideration of AU$17.4 million payable on completion and assumed net debt of AU$6.6 million.

TR is engaged in the specialist rental of test and measurement, communications and audiovisual equipment in Australia, New Zealand and Malaysia. TR is the market leader in technical equipment rental and calibration in Australia. The business was founded in 1974 and operates from 13 locations with a head office in Melbourne, Australia.

With over 170 employees, the business provides a wide range of services through a combination of rental, sales, calibration and repair to a breadth of markets including electrical, telecommunications, manufacturing, construction, defence, oil and gas, mining and government.

In the year to 30 June 2015, revenues were AU$33.0 million generating pre-tax profits for the year to 30 June 2015 of AU$3.0 million. Net asset value at 30 June 2015 was AU$9.9 million.

Commenting on the acquisition of TR, Jeremy Pilkington, chairman of Vp plc, said:

“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.

“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.”