Speedy Hire buys battery specialists GPH for £20.2m
Tools, specialist equipment and services provider Speedy Hire has bought battery specialist Green Power Hire (GPH) in a debt and equity deal worth £20.2m, it said in an update.
GPH, whose previous top shareholder was agriculture and construction firm Russell’s, specialises in supplying battery storage units to the UK rental market.
Speedy said the deal comes as it “continues to experience strong demand from its current and potential new customers for eco products and sustainable power solutions, and an increasing number of tenders specify battery storage units.”
For the ten months ending on 31 August 2023, revenues were £5.9m, up £5.5m from the year ending 31 October 2022, the update added.
“The acquisition [of GPH] progresses the sustainable and technological evolution of the sectors we operate in, supports our ambitious plan to become a net zero business by 2040 and will deliver long term benefits to our customers, our people and our investors”, said Dan Evans, Speedy chief executive.
While overall performance was in line with expectations, Speedy said service revenues are expected to be lower in the second half of the year, citing the decline in the wholesale price of fuel which is down 20 per cent compared with last year.
Speedy stock was trading 0.16 per cent higher following the update.