Tool hire firm acquires Amec Logistics and Support Services for £12.5m
Speedy Hire has acquired the tool and equipment hire business of Amec Logistics and Support Services Ltd (LSS) for a cash consideration of £12.5m.
Working capital, cash and debt are not acquired with the assets and completion is expected to take place on 1 February.
As part of the transaction, Amec’s Industrial division has entered into a four year exclusive supply agreement with Speedy to provide a wide range of hire equipment in industrial related sectors.
A preferred supplier agreement has been established for other UK Amec divisions.
Steve Corcoran, Speedy Hire chief executive, said: “We are very pleased to have acquired the LSS business which will further enhance our already strong relationship with AMEC.
"The securing of a four year trading agreement will enable both organisations to maximise supply chain opportunities whilst assisting Amec in its drive for operational excellence in the key areas of health and safety compliance and quality assurance.”
LSS is Amec’s single point of supply for the provision of hire assets including tools, lifting equipment, general plant, temporary accommodation units and survey equipment.
It operates from 10 UK depots and has about 250 full time employees, who will transfer to Speedy on successful completion of a consultation process.