Lavendon, Europe’s leading aerial rental company, is acquiring The Platform Co., believed to be the second-largest aerial rental company in the U.K. market for about £46.1 million (about U.S. $92.7 million) in cash and stock. In addition to strengthening Lavendon’s position in the U.K. access rental market, The Platform Co.’s fleet capacity will enable it to reduce capital expenditures in 2008.
A portion of the payment for the company will be deferred over the next three years.
Lavendon, based in Lutterworth, Leicestershire, England, more than doubled pre-tax profits in 2007, earning £18.9 million compared with £7.7 million in 2006.
The Platform Co., which has 10 branches, had revenue of £31 million in the year ended March 2007.
