Birmingham-based tool and plant specialists Lloyds British Hire has been bought by rival Speedy Hire in a deal which could rise to £3.1 million.
Speedy has acquired the entire lifting and tool equipment rental business of Lloyds, based in Sutton Coldfield, but not the powered access equipment hire.
Speedy, with 30 depots in the Midlands and 12 in Birmingham, said it bought Lloyds because of its strength in the industrial services sector.
The acquisition would consolidate its lifting arm and accelerate the opportunities for the group in non-construction markets.
The acquisition will provide Speedy Lifting with six depots in areas previously identified for greenfield expansion.
For year ended December 31, 2004, unaudited turnover and operating profit attributable to the net assets being acquired were £4.2 million and £0.3 million respectively.