Source - SMW
Tools, equipment and plant hire group Speedy Hire said it had acquired Yorkshire-based powered access specialist Lifterz for £9.6m.

Lifterz had a fleet of around 1,300 access platforms and employed about 90 people.

Net debt of £11.9m was also assumed in the transaction.

'The group expects to benefit from revenue synergies through the provision of a national offering to major customers from its owned fleet of equipment,' Speedy Hire said.

'Cost synergies will be realised from the operation of a national powered access business through Speedy's national depot network.'

The company also said it expected revenues for the period to 31 March excluding disposals, to be up around 5.5% on-year, with services revenues growing by around 9%.

Adjusted pre-tax profit for the full year would be ahead of the prior year and in line with company's previous expectations.

Exceptional costs in the second half were expected to be about £2m, as a result of integration costs and professional fees associated with acquisitions, and depot restructuring costs.