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Speedy Hire buys OHP to strengthen its rail sector services

Staff writer |
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.

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The deal, which is expected to be earnings enhancing in the first year following acquisition, was funded from Speedy's existing cash and debt facilities.

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.

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