In April 2016, Advent concluded the 100% sale of TR Pty Ltd to VP Plc. VP Plc is a UK listed specialist rental business with operations in Europe, Singapore and Australia.
TR is the largest rental provider of test and measurement instruments in the southern hemisphere. Its specialised test equipment solutions encompass a wide range of industrial applications including data communications, thermal imaging and electrical power testing. The company employs more than 170 people and operates from 13 locations in Australia, New Zealand and Malaysia.
The business had revenues of A$33 million, and the transaction value was A$24 million, equating to 6.6x EBITA.
TR was the final investee in Advent IV, which has included successful investments such as AVCAL award winner SCADAGroup, Taverner Hotel Group and ACIL Australia.