Sentio has advised SG Fleet Group, the AUS$1.1 billion ASX listed leading international fleet management and leasing business, on the acquisition of Fleet Hire, a UK provider of contract hire, salary sacrifice, short-term rental and fleet management services.
The acquisition provides SG Fleet with critical mass in the attractive UK market and, in combination with SG Fleet’s existing UK business, creates a profitable platform for continued growth. Coinciding with the acquisition SG Fleet has announced unaudited underlying profit after tax for FY16 of AUS$51.2 million.
Fleet Hire is headquartered in Hampton in Arden and employs 60 staff. The company has been very successful at positioning itself as a ‘one stop’ provider of its full range of services and has seen continued organic growth since its establishment, recently breaking into the Fleet News Top 25. Fleet size stands at approximately 6,500 units.
SG Fleet’s Chief Executive Officer, Robbie Blau, said: “Fleet Hire is an ideal fit for our long-term growth strategy in the UK. Its acquisition meets all the strict criteria we have set for ourselves in terms of valuation and expansion of customer book and product range. Together with the invaluable expertise we access by retaining the commitment of the company’s management team, we have made a significant stride forward in this market”.
The Sentio team advising SG Fleet Group comprised Dave Irwin, Rory Wade and John O’Gara. Financial due diligence was led by Andrew Nelson and Nick Townsend from KPMG’s Manchester office and legal advice was provided by Andrew Wingfield and James Darbyshire from King & Wood Mallesons in London.