Speedy has paid £20.2m for a company that was only set up two years ago.
Speedy has paid £10m in cash to principal shareholder Russell’s (Kirbymoorside) Limited – a farm machinery dealer near York – and four other shareholders. It has also taken on £10.2m of Green Power Hire’s debt.
According to Speedy, Green Power Hire (GPH) is “a recognised industry leading owner and supplier of battery storage units (BSUs) to the UK rental market”.
To date GPH’s BSUs have been provided by Speedy to its end customers on a re-hire basis as part of Speedy’s Customer Solutions division. But with demand for clean energy on site growing, Speedy was keen to take direct control.
Mark Chamberlain, director and one of the vendor shareholders of GPH, has joined Speedy as part of the ongoing management team.
In July 2023, the business and assets subject to the transaction were hived down from Russell’s into GPH. For the year ended 31st October 2022, GPH generated unaudited revenues of £400,000 and a loss before tax of £200,000 but it is growing rapidly. For the ten months ended 31st August 2023, unaudited revenues were £5.9m, the business was profitable, and it had unaudited gross assets of £12.5m.
Speedy chief executive Dan Evans 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 joint venture with AFC Energy, 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."
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