Equipment rental group Vp agreed a £70m deal to take over Brandon Hire from its venture capital owners in November 2017.
A month later the CMA called in the deal to check the implications for competitiveness in the tool hire market. It has now concluded its inquiry and decided the deal can proceed.
Vp is paying Rutland Partners £41.6m cash on completion of the deal and taken on Brandon Hire’s net debt of £27.2m.
Private equity group Rutland Partners had bought Brandon Hire from Wolseley for £43m in 2010.
The addition of Brandon Hire gives Vp an additional 143 locations to add to its 58 Hire Station outlets, and an additional £80m revenue.
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