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Transient plans to "go it alone" again
Page 12
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EXCLUSIVE
• by Brian Weatherley Up and Coming trailer rental company Transrent has rebuffed a takeover bid from "another major player in the trailer rental industry" and confirmed that it intends to go it alone in the future.
Group chief executive Alan Wilson told Commercial Motor that the "thanks—but no thanks" response was made with the full approval of Transrent's principle investors—Aberdeen Murray Johnstone Private Equity and Penta Capital. "We had a board meeting and got their full backing," he reports. "They've been involved in every part the process."
While neither Wilson nor Transrent will reveal who the bidder was, it seems highly unlikely that either TIP or Transamerica were involved. Both are currently trying to define their future strategy in the UK trailer rental market, despite being in first and second place respectively.
It seems far more likely the takeover bids came from either Hill Hire (number three in the market) or Dawsongroup. Indeed, there appears to have been more than one takeover offer as Transrent says: "Over recent months, other similar approaches have been received." However, it insists it has once more decided to steer lts future growth "into continuing independently, realising the potential that has been built up over five years of trading".
Currently number four in the trailer rental market, Transrent recently celebrated its fifth anniversary, having successfully moved from its original 'enfant terrible" status to a mature market player. Its trailer fleet currently stands in excess of 6,500 units and is noted for its "young", high-spec profile.
Wilson confirms that the Transrent fleet will increase in size during the coming 12 months but he intends to hold it at around 6,600, replacing up to 10% of the stock annually. From Jan-Dec 2002, Transrent delivered a profit of £2.5m on a turnover of £23m. However, this year that financial performance is expected to improve further, with turnover rising to £28m and profits increasing to £3.6m. It has appointed Livingstone Guarantee to advise on future growth strategies.