Speedy Hire gobbles up training provider Geason

Tools, equipment and plant hire services company Speedy Hire has acquired the entire issued share capital of training provider Geason Holdings, it announced on Thursday, from Ian and Robert Kilpatrick and connected family trust companies.

The London-listed firm described Geason as a “leading provider” of construction and professional services training across the UK, operating from a head office in Glasgow, with more than 1,100 apprentices and 500 National Vocational Qualification (NVQ) learners currently on programmes.

Geason's unaudited accounts for the 12 months ended 31 October reported revenue of £8.3m, EBITA of £1.7m and gross assets of £2.6m.

Cash consideration paid on completion amounted to £9.0m, with net cash assumed of £0.3m.

Speed said contingent consideration of up to £26.0m could be payable in cash based on a multiple of 3.25x EBITA, dependent on the combined performance of Geason and Speedy's training business in the three years post-acquisition.

The acquisition would allow the group to better support its customers in training and developing their staff and accelerate the growth of Speedy's services businesses, the board explained.

“This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK,” said Speedy Hire chief executive officer Russell Down.

“I warmly welcome Ian, Robert and Geason employees to Speedy.”