Cork-based motor group Johnson and Perrott has bought National Truck Rentals, which hires out commercial vehicles to many of the Republic's largest companies.
The takeover is estimated to have cost up to €10 million, although neither party would confirm the final price. The deal is awaiting approval by the Competition and Consumer Protection Commission, but is expected to be concluded in early June.
The move marks a significant expansion of Johnson and Perrott’s rental and leasing operations based in Tallaght, Co Dublin, which to date has focussed on corporate fleet management and light commercial vehicle short-term rental.
National Truck Rental, based in Ballycoolin, is involved in contract hire of heavy and light commercial vehicles, in particular refrigerated and other specialist vehicles. Its most recent filed accounts show turnover of just under €10 million for 2017. It has a staff of 29. The deal will bring the total number of employees at the merged group to 160, with a combined turnover of more than €100 million.
‘High reputation’
According to Johnson & Perrott chief executive Mark Whitaker, "We recognised it was a business of high reputation. Our fleet management business is known on a national basis, and we have a very high level of investment in the business. Both our fleet management and light commercial rental business would be closely aligned to National Truck Rental, but its specialist area is in heavy commercial rentals." He said the firm plans to retain the National Truck Rental brand.
“The acquisition follows our and is part of our long-term strategy to further invest in and develop a wide range of services to meet the needs of our customers into the next decade.”
The deal follows Johnson & Perrott's recent disposal of properties at Opera Lane in Cork and the start of a €14 million development by the group's motor dealer operation in Cork.
It is currently developing a 4.3-acre site on Bandon Road on the outskirts of Cork city, where it plans to open Ireland's largest Volvo retail facility, along with outlets for the Jaguar and Land Rover car franchises.
