Subject to business performance against stretching EBITDA targets, a further maximum deferred and earn-out payment of €21.7m may be payable across the second and third anniversaries of the acquisition. 

Vp said the acquisition will be funded from the Group’s existing debt facilities and cash resources.

Led by James Dundon and Martin Hanley, CPH principally services the pharma, renewables, technology and food ingredient sectors with 30 employees. It operates out of a single location in Charleville and has a large number of blue-chip customers.
Key members of the CPH senior management team will retain a minority interest and remain with the business. 

To the end of 2023, CPH generated unaudited revenue of €9.5m, EBITDA of €5.7m, and profit before tax of €2.3m. It has unaudited gross assets of €13.9m. 

Anna Bielby, Chief Executive of Vp, said the acquisition was in line with their strategic focus on building our highly differentiated, specialist customer offering. 

"CPH brings to the Group a market-leading powered access fleet in a growing Irish market while complementing our existing divisions," she said.

"The CPH management team has a track record of successfully growing the business and, with the opportunities that exist in the Irish market, we believe they are well-placed for further expansion in the future. I am delighted to welcome the CPH team to Vp."

Interpath provided financial and tax due diligence services to Vp on the acquisition