Loxam announces a conditional agreement to acquire UK Platforms
Loxam Group (“Loxam”) announces that its wholly-owned subsidiary Nationwide Platforms Limited (“Nationwide”) has entered into a conditional agreement with HSS Hire Group plc (“HSS”) with respect to the acquisition of UK Platforms Limited (“UKP”).
UKP specializes in renting powered access equipment from its 12 branches located throughout the United Kingdom. The company has approximately 130 employees and operates a fleet of 3 000 units. UKP is controlled by HSS since 2013.
As part of this transaction, Nationwide has entered into a commercial agreement with HSS to provide powered access equipment to complement HSS’ existing fleet. The closing of the transaction is subject to the approval by HSS’ shareholders and the confirmation that it will not be referred to the Competition and Mergers Authority. The transaction is expected to close before year end 2018.
Don Kenny, CEO of Loxam’s Powered Access Division states: “I am delighted with the acquisition of UKP which will further reinforce NWP’s position as the leading powered access specialist in the UK. The customers, employees, fleet & facilities that UKP will bring to NWP will help us expand our offering and enhance our service to both sets of customers. The partnering agreement with HSS is an exciting development for both companies which I am sure will bring mutual benefits to both our & HSS’ customer’s.”
“The acquisition of UKP demonstrates Loxam’s commitment to the United Kingdom rental market and to further investing in its Powered Access Division. Loxam is always pleased to welcome new colleagues, with whom to share mutual expertise and common ambition to continuously improve the service we provide to our customers.”, added Gérard Déprez, President of Loxam.
“The UK Platforms business has made an excellent contribution to HSS over a number of years, but considering our priorities and focus on tool hire we feel it will reach its full potential under new ownership. We will continue to provide our customers with all of their powered access needs through the new strategic partnership with Nationwide.”, says Steve Ashmore, CEO of HSS.
Loxam is the leading equipment rental company in Europe with unaudited proforma consolidated revenue of €1,435 million in 2017 and approximately 7,900 employees. Loxam’s network of more than 750 branches extends over 13 countries in Europe (France, Germany, the United Kingdom, Ireland, Belgium, Switzerland, Spain, Portugal, Luxemburg, the Netherlands, Denmark, Norway and Italy) as well as in the Middle East, Morocco and Brazil. More information: www.loxam.com
About HSS HIRE
HSS Hire Group plc provides tool and equipment hire and related services in the UK and Ireland through a nationwide network of over 250 locations. Focusing primarily on the maintain and operate segments of the market, over 90% of its revenues come from business customers. HSS is listed on the Main Market of the London Stock Exchange. More information: www.hsshiregroup.com