09.01.2008

Speedy buys Amec rental

Speedy Hire the UK’s largest rental company has purchased the tool and equipment rental business of Amec Logistics and Support Services a division of Amec the international contractor and project management company.

The acquired business is Amec's single point of supply for all rental equipment including tools, lifting equipment, general plant, temporary accommodation units and survey equipment.

Speedy is paying £12.5 million for the Amec assets and certain contracts. Amec will retain working capital, cash and debt. Completion is expected at the end of the month.

The business is based in Darlington and operates from 10 locations with around 250 full time employees. It is expected that most, if not all employees will transfer to Speedy.

As part of the transaction, Amec's Industrial division has entered into a four year exclusive supply agreement with Speedy for the provision of a wide range of equipment. A preferred supplier agreement has also been established for other Amec divisions.

Steve Corcoran, Speedy’s chief executive said:” We are very pleased to have acquired this business which will further enhance our already strong relationship with Amec.”

“The securing of a four year trading agreement will enable both organisations to maximise supply chain opportunities whilst assisting AMEC in its drive for operational excellence in the key areas of health and safety compliance and quality assurance.”

“We are also pleased to welcome those employees who will be joining Speedy as a result of the acquisition.”