Vp expands with CPH takeover

A tool and plant rental firm has expanded with a takeover.

Vp has bought a majority interest in Charleville Hire and Platform (CPH).

Bosses at Harrogate-headquartered Vp say the deal – which could be worth as much as £28 million – strengthens its “highly differentiated, specialist customer offer”.

Based near Cork, family-run CPH is one of Ireland’s leading powered access companies and serves the pharmaceutical, renewables, technology and food ingredient sectors.

Vp has bought 90 per cent of the shares in CPH, which employs 30 staff, with the remaining ten per cent to be acquired over a three-year period.

According to the terms of the deal, the total consideration for the entire share capital of CPH includes an initial cash value of £10.1 million.

Subject to business performance against stretching EBITDA targets, a further maximum deferred and earn out payment of £18.2 million may be payable across the second and third anniversaries of the acquisition.

Anna Bielby, chief executive of Vp, whose business portfolio includes heavy-duty construction equipment supplier Groundforce and Brandon Hire Station, said: “CPH brings a market-leading powered access fleet in a growing Irish market while complementing our existing divisions.

“The CPH management team has a track record of successfully growing the business and, with the opportunities that exist in the Irish market, we believe they are well placed for further expansion.”

Vp’s divisions also include Tamworth-based rail equipment hire firm Torrent Trackside and Worksop-based portable roadway, walkway and ground protection supplier TPA.

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