Speedy Hire, one of the United Kingdom’s largest rental companies, last week acquired the UK assets of Lifting Gear Hire Ltd. for about 13.5 million pounds (about U.S. $25.8 million) in cash and Speedy Hire Plc shares. LGH has about 34 branches, thus the acquisition doubles the size of Speedy Hire’s lifting division. Speedy, a major consolidator formed in 1995, acquired the LGH sales and test and inspection branch network, along with its training, engineering and industrial machinery assets, but does not include LGH’s winches, rigging services and suspended access operations.
“Lifting Gear Hire has long been regarded as the leading brand within specialist lifting hire, especially in industrial markets,” said Speedy managing director Claudio Veritiero.
In the short term, the two businesses will run side by side as Speedy Lifting and Speedy LGH, Veritiero said.
“LGH has gone as far as we can take it,” said LGH founder Bill Parkinson. “I’m convinced Speedy can take it to a wider market than we were able to, and support it with broader investment and resources."
The acquisition does not include LGH’s operations in Holland, Germany or the United States, where the company is ranked No. 87 on the RER 100.