Newly-formed Independent Plant Hire Group (IPHG) has acquired Essex-based Jovic Plant.
IPHG is owned by Mark Colley and Francis Marx, who took over SRBE Plant & Tool Hire and SRBE Building Supplies in Milton Keynes last year.
They have now taken over Jovic Plant, with financial support from Merino and PNC, and changed the name of their acquisition vehicle from SRBE Investments to Independent Plant Hire Group.
As part of the Jovic acquisition, a new financing facility was put in place with PNC to allow the group to make further acquisitions. It is focusing its search on the south of the UK.
IPHG managing director Francis Marx said: “Jovic Plant is a well-run and profitable business which we are pleased to welcome into the group. We believe that this acquisition represents good news for Jovic’s customers and employees (where like SRBE, all of which have been retained). I am looking forward to working with the Jovic team to realise the benefits of being part of a larger group, whist retaining their identity and the great service for which they are renowned.”
Jovic managing director Peter Goudie said: “I’m excited by the new owners’ plans to invest in the fleet and grow the business. I look forward to working with them and my team to take Jovic into the next chapter.”