Speedy Hire buys OHP to strengthen its rail sector servicesStaff writer ▼ | February 9, 2016
Tools, equipment and plant hire services company Speedy Hire has acquired OHP Limited for an initial cash consideration of £1.5m and the assumption of net debt of around £1.7m.
Acquisition £1.5 million for OHP and its businesses
A contingent cash consideration of up to a further £800,000 is payable, dependent on the future performance of the OHP Group.
The OHP Group primarily comprises Rail Hire Limited, which specialises in the hire of overheard in equipment. It also includes tools and equipment hire business Crewe Plant Hire.
OHP's consolidated revenues for the year ended November 30, 2015 were around £2.6m, with normalised earnings before interest tax depreciation and amortisation of approximately £800,000. ■