25.04.2007

Lavendon takes Rise

The Lavendon Group, Europe's largest aerial lift rental company has acquired Rise Hire, the UK’s largest van mounted aerial lift company.

Rise Hire has a rental fleet of 150 van mounts and a similar number of fork trucks on short term rental and long term lease or contract hire. The company operates from a single location in Over, Cambridgeshire.

Rise had revenues of £2.9 million last year with a pre tax-profit of £200,000, with gross assets are £7.7 million and net assets of £1.1 million.

Lavendon is paying up to £1.75 million cash and assuming £5.6 million of debt. The deal will be paid as £1.1 million in cash on completion, with a further £450 to £650,000 in cash dependent upon Rise Hire's financial performance over the 12
months to 31 March 2008.

The acquisition will be funded from Lavendon's existing bank facilities.

As part of the transaction, Lavendon will also assume Rise
Hire's net debt of £5.6 million.

Lavendon's chief executive, Kevin Appleton, said "Rise Hire has an
excellent service reputation and operates in a market segment where our UK business is under-represented, and where operational disciplines are different.

We view the growth in demand for van-mounted powered access platforms as an exciting opportunity, and intend Rise Hire to be the foundation for further investment to develop a market leading position in this sector".