£13.7m move increases rental fleet by almost 5,000 units
Speedy Hire has made a new acquisition, Caledonian Safemaker, which hires temporary accommodation to the construction industry, for a total consideration of £13.7m. Caledonian Safemaker's rental fleet of 4,700 units, based in five UK depots, will be incorporated in Speedy Hire's existing accommodation hire business, Speedy Space Ltd.
In a separate deal - and in a move that strengthens its association with the group - it has also bought Mowlem's accommodation hire and survey equipment hire assets for a cash consideration of £5.1m. Since completing the transaction Speedy Hire has entered into a five-year, exclusive supply agreement with Mowlem to provide it with temporary accommodation, and a similar agreement, lasting for three years, to provide the hire of survey equipment.
Speedy Hire's chief executive Steve Corcoran said: "We are very pleased to have acquired two well-invested and maintained accommodation fleets. Both the Mowlem and Caledonian Safemaker hire operations will integrate easily into our existing business."
"The acquisition of the Mowlem accommodation and survey assets accompanied with the extension of the existing trading agreement clearly displays the strength of the relationship that exists with Mowlem and is part of the continuing process of generating supply-chain efficiencies between the companies."