Vp Plc (VP.L), the specialist equipment rental company, said on Thursday that it has acquired a majority stake in Charleville Hire and Platform Ltd or CPH, for initial cash consideration of 12.1 million euros.
Subject to business performance against stretching EBITDA targets, a further earn-out payment of 21.7 million euros may be payable across the second and third years of the acquisition.
With this, Vp has acquired 90 percent of the shares in CPH, with the remaining 10 percent to be acquired over a three-year period. The acquisition will be funded through cash on hand and existing debt facilities.
The acquisition is expected to contribute to acquirer's growth and be immediately accretive to its earnings.
Anna Bielby, Chief Executive of Vp, said: "This acquisition is exactly in line with our renewed strategic focus on building our highly differentiated, specialist customer offering. CPH brings to the Group a market-leading powered access fleet in a growing Irish market while complementing our existing divisions."
For the year ended on December 31, 2023, CPH posted revenue of 9.5 million euros, with EBITDA of 5.7 million euros, and profit before tax of 2.3 million euros. It has unaudited gross assets of 13.9 million euros.
CPH is an Irish specialist powered access company, mainly serving the growing pharma, renewables, technology, and food ingredient sectors.
Vp plc was trading down by 13.97 percent at 559.20 GBpence per share on the London Stock Exchange.
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