A Tyneside construction company has snapped up a regional rival amid moves to become a leading kit hire firm in the region.
Mechplant North East Limited, based at the Port Of Tyne, South Shields, has snapped up D&K Plant Hire Limited in Newcastle, which provides plant and equipment to construction businesses in the North East.
Haines Watts advised Stephen Makinson and Brian Wray, shareholders of plant hire firm Mechplant, on the deal, saying the acquisition will further consolidate Mechplant’s position as one of the leading plant hire services in the region.
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Mr Makinson said: “We have acquired a well-established business with an excellent reputation within the plant hire industry. Now, we look forward to developing and building on the good work achieved by the previous owners.
“There was an end of year completion deadline required by both parties and the advice and support provided by Haines Watts enabled the deal to be completed as scheduled.”
Corporate finance advice was provided to the shareholders of Mechplant by Chris Hird of Haines Watts and legal advice was provided by Martyn Tennant of Swinburne Maddison.
John Hammill of Square one Law acted for the sellers.
Mr Hird, corporate finance associate partner at Haines Watts added: “This was a great deal to be involved in and this provides Mechplant with a strong regional presence in the construction plant sector to add to their existing heavy crane capability.”
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