Benchmark International Advises on the Sale of Jovic Plant to SRBE
Benchmark International is pleased to announce that a deal between Jovic Plant and SRBE, a subsidiary of Merino Private Equity, has completed.
Established in 1971, Jovic Plant has sites in Chelmsford and Basildon. Jovic Plant’s core business is the hire of excavators up to 13 tonnes and associated dumpers, as well as offering the repair of machinery and sale of used machines. The group serves the local construction market, primarily house builders and infrastructure contractors, with its fleet of more than 200 excavators and dumpers.
SRBE is an independent tool and plant hire, builders’ merchant and electrical wholesaler serving Southern and Central England from depots in Milton Keynes, Brackley and Aylesbury. It is a subsidiary of Independent Plant Hire Group that is an active consolidator in the sector, seeking to aggregate profitable plant businesses across the UK. Merino Private Equity is the ultimate parent company that is a private investment company, acquiring and investing in UK businesses.
SRBE’s strategic geographic bolt-on significantly increases its share of the plant hire market and increases the size of Merino Private Equity’s portfolio.
Francis Marx, Managing Director of Independent Plant Hire Group, said: “Jovic Plant is a well-run and profitable business which we are pleased to welcome into the group. I am looking forward to working with the Jovic team to realise the benefits of being part of a larger group, whilst retaining their identity.”
Alex Forshaw, Associate Director and lead on the deal, commented: “This was a hugely successful outcome for both parties and I am sure that the acquisition of Jovic Plant will further enhance Independent Plant Hire Group’s portfolio, providing many synergies to the benefit of both parties.
“Independent Plant Hire Group’s growing reputation within the industry will provide Jovic Plant with a platform for future expansion and operational success, and will continue to build on the foundations established by the existing shareholders. I wish them all the best going forward.”
On behalf of everyone at Benchmark International, we would like to wish both parties every success for the future.
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Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $5B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.