Clearwater International has advised the owners of Go Plant, the specialist vehicle hire group, on its sale to Easternrange, a private investment vehicle.
Established in the 1960s and now a market leader, Go Plant operates a fleet of over 1,000 specialist vehicles including road sweepers, refuse vehicles and gully clearing machines from 20 depots across the UK. It supplies vehicles either for self-hire or with drivers to local authorities, house builders, road maintenance providers and other industrial clients.
The business has grown substantially since Graphite Capital backed its £3.5 million management buy-out, led by Patrick Tierney, from the environmental services division of AAH in December 1995. Graphite provided additional funding of £1.8 million for the acquisition of Shropshire Road Sweepers in 1999.
Turnover rose by 59 per cent to £27.6 million in the three years to March 2007, matched by a sharp increase in operating profits. This sale, together with a previous refinancing of the business, means Graphite earned a total return in excess of four times its investment.