Vp plc, the listed equipment rental group, has acquired a majority interest in Charleville Hire & Platform Ltd (CPH).
CPH is described as one of Ireland鈥檚 leading, specialist powered access companies principally servicing the pharma, renewables, technology and food ingredient sectors. It is a family owned and run business, based near Cork.
Total consideration for the entire share capital of CPH includes an initial cash consideration of 鈧�12.1m (拢10.1m). Vp has acquired 90% of the shares in CPH, with the remaining 10% to be added over the next three years. Subject to business performance, a further maximum deferred and earn out payment of 鈧�21.7m (拢18.2m) may be payable across the second and third anniversaries of the acquisition.
In 2023, CPH made a pre-tax profit of 鈧�2.3m on turnover of 鈧�9.5m.
Vp chief executive Anna Bielby said: "This acquisition is exactly in line with our renewed strategic focus on building our highly differentiated, specialist customer offering. CPH brings to the group a market-leading powered access fleet in a growing Irish market while complementing our existing divisions. The CPH management team has a track record of successfully growing the business and, with the opportunities that exist in the Irish market, we believe they are well placed for further expansion in the future."