Two hire firms are set to merge in a bid to create a national hire business, with the former chief executive of Speedy at the helm…
Ipswich-based firm Fork Rent and London-based One Call are set to merge under the lead of Steve Corcoran, the former chief executive of Speedy.
The merger will combine the residential market built up by Fork Rent with the infrastructure and commercial contacts under One Call to become a leading operator of excavators and telescopic handlers. The new firm will comprise of over 200 staff and should see a turnover of nearly £70m.
Corcoran has more than 30 years’ experience in the sector, 13 of which were spent on the board at Speedy Hire. He was chief executive of the firm for nine years before standing down in November 2013.
Investment funds will be managed by Searchlight and private equity firm Duke Street. It is hoped the merger will enable the business to expand into a national hire firm.
Searchlight’s Founding Partner Oliver Haarmann said: “We have been deeply impressed by the leading market positions achieved by Fork Rent and One Call under the leadership of their founders.
“Together, the companies can leverage their increased scale and strong reputation for providing best-in-class customer service to create a leading equipment rental company in the UK across multiple end-markets and equipment types.”
Stuart McMinnies, Partner of Duke Street, also commented, stating: “We are delighted to be combining two of the highest quality service providers in the fragmented UK hire market.
“The anticipated strong growth in both the housing and infrastructure sectors will allow this business to expand in both product and geographic terms and we look forward to working closely with the Companies to grow and maximize that opportunity.”