Finning said that the acquisition of Hydraquip would complement its existing product support offering.
Hydraquip specialises in providing round-the-clock nationwide coverage for hose replacement, assembly and fitting, oil replenishment and general hydraulic servicing.
Headquartered in Kent, Hydraquip employs 270 people and serves more than 4,000 customers across a diverse range of industries. With 130 mobile service vans operating from a network of 22 branches, Hydraquip aims to respond to call-outs and complete repairs within three hours.
In 2020 Hydraquip Hose & Hydraulics turned over £21m and made a net profit of £1.9m.
Tim Ferwerda, managing director of Finning UK & Ireland, said: “The acquisition of Hydraquip demonstrates our commitment to build on and extend our reach to provide exceptional product support and aftermarket services for our customers. The company is a great fit with Finning, in terms of its family-orientated and customer-focused culture, which complements our current product support service perfectly. The Hydraquip brand name will remain in place as we maintain and build upon the high standards of service it is known for. The business has an established footprint with hydraulic hose specialists focused on industries such as construction, transportation, waste management, utilities, manufacturing, and materials handling.”
Hydraquip founder Duncan MacBain, who turned 60 last year, said: “Joining Finning is an extremely exciting move for Hydraquip and will prove a critical step in the continued growth of our offering, enabling Hydraquip to recognise its full potential in the UK and further afield. We can see many cultural similarities as well as tremendous opportunities between the companies to give customers an even stronger proposition.”
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