Microlease in expansion push

Testing equipment rental company Microlease is on the acquisition trail after its investor LDC arranged £19.5 million of debt financing.

Microlease will first acquire the Belgium-headquartered European operations of US rival Telogy, and plans further organic and acquisitive growth over the next 12 to 24 months.

The financing consists of £12.5 million from asset finance provider Lombard Business Finance, a subsidiary of RBS, and £7 million from RBS itself. The deal sees existing backer Lombard expand the size of Microlease’s facility from £7.8 million.

LDC backed the original management buy-out of Microlease led by CEO Nigel Brown in 2006, and invested a further £8.3 million last month.

The company, which rents and sells testing and measurement equipment, will have annual sales of close to £30 million once the acquisition of Telogy International is complete.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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