Steve Corcoran, former CEO of the United Kingdom’s largest equipment and tool rental company Speedy Hire, is returning to the rental industry by leading a buyout of two U.K. rental companies Fork Rent and One Call. Corcoran is working with investment groups Duke Street and Searchlight in organizing the acquisition of the two firms.
The newly created company will emerge as one of the country’s leading providers of excavators and telehandlers with annual volume of close to £70 million (about U.S. $108 million).
Fork Rent, based in Ipswich, is primarily involved in the residential construction market, while One Call, headquartered in Middlesex, has a larger presence in the infrastructure and commercial segments.
Corcoran spent 25 years at Speedy, including eight years as chief executive. He stepped down in 2013 after revelations of financial irregularities in the company’s Middle East business.
“We have been deeply impressed by the leading market positions achieved by Fork Rent and One Call under the leadership of their founders,” said Oliver Haarmann, a founding partner of Searchlight. “Together, the companies can leverage their increased scale and strong reputation for providing best-in-class customer service to create a leading equipment rental company in the U.K. across multiple end markets and equipment types.”
Stuart McMinnies, partner in Duke Street added that “the anticipated strong growth in both the housing and infrastructure sectors will allow this business to expand in both product and geographic terms.”
