Speedy makes battery storage power acquisition
11 October 2023
Speedy Hire has acquired power rental business Green Power Hire (GPH) for £20.2 million, comprising £10 million of equity value and £10 million of debt.
GPH is a fast growing renter of battery storage units to the construction sector. For the year to 31 October 2022 it generated just £0.4 million in revenues, but for the ten months to 31 August 2023 reported sales of £5.9 million.
Speedy acquired GPH from principal shareholder Russell’s (Kirbymoorside) Ltd, and four other shareholders. Russell’s is an agricultural and construction equipment dealer in Yorkshire and surrounding areas of the UK. It sells brands including New Holland, Manitou and Takeuchi.
Mark Chamberlain, Director of GPH and one of its shareholders, will join Speedy on completion of the deal.
Speedy said the deal would make it market leader in the UK for the battery storage units. The company added that it was experiencing strong demand for eco products and sustainable power solutions, with an increasing number of tenders specifying the use of battery storage.
Before the acquisition, Speedy had been renting GPH’s equipment to customers on a re-hire basis through its Customer Solutions division.
Dan Evans, Speedy’s chief executive, said: “The acquisition of Green Power Hire is further evidence of our Velocity strategy in action, strengthening our market leadership in combining product innovation and sustainability, and positioning Speedy well in a high growth segment of the market.
“Alongside investments such as our partnership with Niftylift and our proposed JV with AFC Energy (see below), the acquisition 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.”