TIP Trailer Services has announced its latest acquisition in the UK.
For an undisclosed sum, TIP has purchased Steers Group Limited and its wholly owned subsidiary Eurotrailer UK Ltd.
Effective 1 November 2021, TIP has acquired the shareholding of Eurotrail’s parent company, Steers Group.
Following the change of ownership, TIP has also confirmed that members of Eurotrail’s management team will remain with the business, as too will key members of staff who have been crucial to the successful development of the business over the last 28 years.
“The acquisition of Eurotrail will support our asset diversification strategy with a growing focus on heavy commercial vehicles, whilst complementing the existing offering from Grayrentals, TIP’s commercial vehicle hire business,” said TIP Trailer Services President and CEO, Bob Fast.
“In addition to being a well-established business within the contract hire sector, the acquisition will enable TIP / Grayrentals to work with new customers and support them with a wide range of commercial vehicle hire services.”
Eurotrail, based in Leeds, was established in 1997 by Alan Steers and employs approximately 15 people at its West Yorkshire head office. Associations between Eurotrail and TIP go back quite a few years, with Alan Steers working for TIP back in the 1980s. Another key member of the current team opened a TIP branch in the North East back in 1979.
The company currently operates a fleet of primarily HGV assets including specialised vehicle bodies, crane, hookloader and cement mixer trucks. Eurotrail provides customers with a range of services including leasing and rental, fleet maintenance and management.
“Globally, and within Europe, TIP has progressively increased its growth both organically and through acquisition,” said Fast. “Eurotrail UK Ltd is joining the TIP family at an exciting time and we are looking forward to continuing the growth of the Eurotrail business here in the UK over the coming years, with the long-term support and financial stability of TIP behind them.”