The CP Deals team has advised the shareholders of Green Power Hire Limited, owner and supplier of market leading battery storage units to the UK rental market.
Green Power Hire is a recognised industry leading sustainable power solutions specialist. They own and supply Battery Storage Units to the UK rental market, mainly to the construction sector. These units, with their market leading digital capability, enable customers to achieve both financial and environmental savings compared to alternative systems.
The business continues to grow rapidly following investment. For the ten months ended 31 August 2023, it delivered revenues of £5.9m. Speedy Hire Plc, the UK and Ireland’s leading provider of tools, specialist equipment and services, acquired the business in October 2023 for an enterprise value of £20.2m. The acquisition positions Speedy as a market leader in a key growth segment, providing it with unique products and critical mass to meet demand from its customers.
The partnership with Speedy will enable the continuing rapid development of Green Power Hire, leveraging Speedy’s broad customer base, asset rental expertise, data and AI capabilities and investment in expanding the number of Battery Storage Units. It will also benefit from operational and scale efficiencies as part of the Speedy Group. Mark Chamberlain, Director and one of the founder shareholders of Green Power Hire, joined Speedy at completion as an integral part of the ongoing management team.
Dan Evans, Chief Executive of Speedy Hire Plc, said:
“The acquisition of Green Power Hire is further evidence of our Velocity strategy in action, further 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 JV 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.”
James Nash, Green Power Hire vendor, said:
“From the start to the finish of this transaction it has been a pleasure to work with the Deals team at Cooper Parry. The whole team have all been invaluable, and I must say it has been a “Team” game, with everyone pulling together whenever required to deliver the final result, and I look forward to bringing the “old team” back together if ever the opportunity arises.”
Tom Summers, Associate Partner, said:
“We were delighted to support the Green Power Hire Shareholders on their successful deal with Speedy Hire Plc.
Green Power Hire’s innovative product offering creates environmental and financial benefits to customers and was a highly attractive proposition for Speedy as they invest in eco products and sustainable power solutions.
The deal builds on Cooper Parry’s expertise in energy services and the wider circular economy.”
