Briggs Equipment has completed the acquisition of Galway Plant and Tool Hire (GPT), one of Ireland’s largest plant, commercial vehicle and tool hire specialists.
Operating from eight sites, GPT employs c.90 people and has been trading 1969.
Briggs said the acquisition will make the firm the largest plant hire company in Ireland and will bolster its equipment fleet and increase coverage across the country.
Briggs Equipment acquired Balloo Hire in April 2021 as well as Laois Hire Services.
GPT was majority owned by members of the Hughes family, and Yvonne Hackett. Turnover in FY21 was c.€18m and operating profit was c €2.9m.
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Jim Hughes (80), GPT founder and director, commented: “I am extremely proud of the success that GPT has had in the marketplace over the past 53 years. Following extensive discussions with Briggs Equipment, I am happy that they are an excellent fit to continue to grow and develop this business into the future.
“I’d like to thank the Briggs team for their co-operation and transparency throughout the acquisition process. Moving forward, Enda Eiffe will become sole managing director and will oversee the day-to-day operations of the business and ensure a smooth transition into the Briggs Equipment Group.”
Briggs Equipment, with sites in Dublin and Lisburn, is the exclusive Irish distributor for the Hyster range of forklift trucks and other materials handling equipment, and GPT’s commercial vehicle hire division is a new market for Briggs.
Briggs Equipment Ireland is a subsidiary of Briggs International in Texas, which has annual sales of over $4.0bn.
Peter Jones, Briggs Equipment’s group managing director, commented: “We are delighted to welcome Galway Plant and Tool Hire into the Briggs Equipment Group. Their extensive fleet of 2,800 plant assets,1,900 commercial vehicles and dedicated expert people will allow us to significantly increase and improve the quality and diversity of our service offering throughout Ireland.
“In recent years we have continued to deliver on our strategic acquisition strategy, which has enabled us to increase our presence within key markets to the point where we are now the largest plant and tool hire company in the island of Ireland.
“As with every acquisition, we are focused on working with businesses that share the same values, ambition and culture as ourselves.
“Throughout this intensive acquisition process we have been extremely impressed with the leadership team at GPT and the expertise of their people at every location. Their nationwide presence and impressive customer portfolio demonstrate the robustness of the business and the solid foundations that we can build on with the appropriate support and investment.”
According to Renatus, GPT was advised on the sale by Raymond Donegan and Sarah Grouse in IBI Corporate Finance. Legal counsel was sourced from a Beauchamps team led by Shaun O’Shea, Emily Harrington and Gergana Moran.
KPMG UK conducted due diligence for Briggs, with Sarah Hope and Oisin McLoughlin in Pinsent Masons handling the legals.
