Enterprise Rent-A-Car UK announced today that it has signed an agreement to acquire Romsey-based SHB Hire, an award-winning family-owned vehicle hire and management business. Completion of the transaction is subject to regulatory approvals.
The acquisition will provide Enterprise with the opportunity to create one of the largest commercial vehicle rental companies in the country. With more than 100,000 vehicles, Enterprise is already the UK’s largest rental car company, and its product offering will be the most extensive and diverse of any vehicle rental business in the UK.
Following regulatory approval, SHB Hire will operate under the Enterprise Flex-E-Rent brand to create one of the UK’s largest and most diverse commercial vehicle rental companies with more than 45,000 vehicles. The acquisition of SHB Hire will enable Enterprise to deliver increased value and choice to its Flex-E-Rent customers.
The agreement with SHB Hire is consistent with the company’s approach to diversifying its Enterprise Flex-E-Rent business both organically and through strategic acquisition in response to customer demand for greater choice. Following completion, both Enterprise and SHB Hire customers will be able to access the company’s full range of services, expertise and technologies.
The agreement comes after SHB Hire’s owners, the Street family, sought a buyer that could take the company to the next stage of development.
Enterprise Holdings, Managing Director / Senior Vice President for the UK & Ireland, Khaled Shahbo, said: “The Street family established and built SHB Hire into an industry-leader with an impressive customer base and reputation for customer service. The depth and breadth of the company’s product lines provide a good fit with the Enterprise Flex-E-Rent business. There are many similarities between the two organisations underscored by a like-minded service culture and great employees who are incredibly knowledgeable and dedicated to delivering exceptional customer service. Both organisations also have a rich heritage – SHB Hire has been operating for five decades while Enterprise celebrates its 25th anniversary in the UK this year. We are confident that together we can create a stronger business and a truly world class commercial vehicle offering.
“We are committed to working closely with the SHB Hire team to ensure a smooth and effective transition once we are in a position to move forward. Our single goal is to create a stronger, scalable, more sustainable business, which will flourish to support our customers’ growth and success as well as to create future opportunities for employees. We want Enterprise to be the first choice for customers – whatever the vehicle, whenever they need it, for however long they need it for.”
SHB Hire is a family-owned company that operates from 16 key locations nationwide and offers a diverse fleet of over 18,500 vehicles ranging from cars, light commercial vehicles (LCVs), heavy goods vehicles (HGVs), golf buggies and all-terrain vehicles (ATVs), 4x4s, HGV tippers and specialist HGVs. The company has also won many industry awards.
SHB Hire Chairman, Mike Street, 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.
“Handing over SHB Hire has been a difficult decision and has required careful planning. However, my family and I are confident that this agreement with Enterprise Flex-E-Rent provides an outstanding opportunity for both companies’ customers and employees. The values and culture that have underlined the success of SHB Hire over the years will continue to thrive as part of a larger, streamlined, well-diversified vehicle rental business.”
Over the last 10 years Enterprise has invested US$2.4 billion in acquiring a multitude of rental, mobility and technology companies across the world to provide customers with better choice and access to vehicles to suit their requirements.