Enterprise Rent-A-Car UK has acquired Romsey based SHB Hire, an award-winning family-owned flexible vehicle hire and management business.
SHB Hire which operates a fleet of more than 18,500 commercial vehicles which was set up 50 years ago in Romsey by the Street family with just a few vehicles growing to become one of the South’s most successful owner managed businesses with a nationwide network. Mike Street (Founder and former Chairman) said:
“We needed to find the right partner to acquire the SHB Hire business. Enterprise and SHB Hire employees share a commitment to delivering the best customer care. The fact that we are both family-owned and run has enabled us to take a long-term view. The acquisition secures the future of the business and will provide customers with a greater diversity of product lines, as well as access to industry leading technologies and infrastructure.”
“The team at Paris Smith were delighted to assist the Street family in the sale of SHB Hire. This was one of the biggest recent transactions in the local region and is a tribute to the remarkable success of a family owned business that in 2018 celebrated its 50th anniversary.”
As well as Jonathon Roy the Paris Smith team included James McNeil, Michael Moore, Arezou Rezai, Jo Spittles, Rachel Montgomery and Claire Merritt. Other firms that worked on the Seller side of the deal included PWC London who provided corporate finance advice and financial due diligence; EY London who provided tax advice, Blackadders who provided Scottish real estate advice, and Euclid Law provided specialist competition law advice.
The Enterprise deal team was advised by Laurie McFadden, Alexandros Pantelakis, and Nicola Wilson from Freshfields Bruckhaus And Deringer LLP, supported by Dutton Gregory on English real estate matters and Brodies on Scottish real estate.
Jonathon Roy from Paris Smith concluded:
“From a legal perspective, the deal was complex involving a pre-completion reorganisation, an auction process and several regulatory approvals. It was conducted in a co-operative and positive manner by all parties and their advisers, resulting in an extremely satisfying outcome for all concerned.”