Microlease today announced its acquisition of the European operations of its major US competitor, Telogy Inc. The deal, which is in line with a three-year strategy of organic growth and acquisition,
will firmly consolidate the UK-based company’s position as the number
one test and measurement rental business in Europe. It is expected to
boost the company’s turnover by around £5 million, lifting it to in
excess of £30 million per annum.
Microlease believes Telogy’s success in the defence and aerospace industry will complement its own strengths in the telecoms sector. The acquisition
will significantly increase both its assets and expertise in this
adjoining market area and provide European customers of both companies
with more choice, specialist knowledge and enhanced services.
“Businesses in our target sectors have found that they can reduce
capital expenditure by increasing rental/leasing requirements. They are
also protecting and optimising existing investments by careful asset
management. We expect these trends to continue as customers make plans
for the recovery – and for further opportunities in these areas to
arise as growth returns,” says Microlease CEO, Nigel Brown.
“This acquisition
creates an exciting and timely opportunity for Microlease to further
expand its offering to customers – to diversify and accelerate growth
in accordance with our strategic plans.”
Microlease has enjoyed strong growth since an MBO three years ago. The acquisition,
believed to be the first stage in the company’s ambitious plans,
follows the recent £19.5 million debt financing facility from Lombard
Business Finance and its parent company, Royal Bank of Scotland.
