SG Fleet has acquired Fleet Hire, a Solihull-based contract hire, fleet management and salary sacrifice provider, in a £25.7m (€30m) deal completed at the end of the last week.
The deal sees the Australian-listed SG Fleet add Fleet Hire’s 6,500 vehicles to its 130,000-strong fleet around Australia, New Zealand, and the UK, and take on its 60 staff.
Fleet Hire attracted a number of new business wins over the past 12 months, and Fleet Hire’s senior team, chief executive officer Graham Hale, chief operating officer Chris Joyce, and sales director Nick Poole will remain in place for continuity.
In a statement, SG Fleet said the acquisition provided it ‘with critical mass in the attractive UK fleet market and, in combination with our existing local business, will create a profitable platform for future growth’.
SG Fleet UK managing director, David Fernandes, said: “Fleet Hire is an ideal fit for our long-term growth strategy in the UK,”
“Coupled with the invaluable expertise we have gained by retaining the commitment of the existing management team, we have made a significant stride forward.”
Graham Hale, chief executive officer, Fleet Hire, said: “The integration of the two businesses in the UK extends the range of solutions we can offer our rapidly growing corporate customer base. Combining our forces is a big step forward for both businesses,”
“It establishes a genuine platform for the combined business to build on and is a very exciting time for both of us.”