24th November 2017
Merino PE portfolio company Independent Plant Hire Group acquires Jovic Plant
Merino Private Equity is delighted to announce that its portfolio company, Independent Plant Hire Group, has recently acquired Jovic Plant Limited, a plant hire group based in Essex. Independent Plant Hire Group has now completed 3 transactions since acquiring SRBE in April of 2016.
Established in 1971, Jovic Plant has sites in Chelmsford and Basildon. Jovic Plant’s core business is the hire of excavators up to 13 tonnes and associated dumpers. The group serves the local construction market, primarily house builders and infrastructure contractors, with its fleet of more than 200 excavators and dumpers.
Mark Colley, Managing Director of Merino Private Equity, said: “Following last year’s acquisition of SRBE and the assets of Morgans Plant Hire, we are delighted to announce our third deal in the plant hire sector. We continue to execute our strategy of acquiring and building a group of independent plant hire businesses.”
Francis Marx, Managing Director of Independent Plant Hire Group, said: “Jovic Plant is a well-run and profitable business which we are pleased to welcome into the group. 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.”
As part of the transaction, a new financing facility was put in place with PNC, to allow the group to move rapidly in future acquisitions with a supportive external funder.
We are actively seeking deals in the sector – if you have any opportunities currently that may be of interest or have worked in the sector please get in touch with Ben Reavley – firstname.lastname@example.org | +44 (0)20 7898 3303 – to discuss
For more information on Independent Plant Hire Group please please review this website https://www.independentplanthiregroup.co.uk/