CONSTRUCTION equipment rental specialist Hampshire Plant Hire has been bought by its management for an undisclosed sum.
They aim to cash in on the region's "booming" construction industry, which they predict will remain strong until past 2012.
The company employs 50 people across four depots at Winchester, Portsmouth, Southampton and Salisbury.
Its distinctive HPH delivery lorries are a familiar sight across the region, dropping off its stock of 178 excavators, 160 dumpers and more than 100 access lifts.
HPH finance director David Canniford led the buyout.
He said: "Construction in the south is booming and we are delighted to be part of this. We expect the region to remain busy through to the 2012 Olympics and beyond. The buy-out will be quickly followed by expansion into the north of the county to ensure even better coverage for our customers."
Southampton's Tenon Corporate Finance advised the management team, which received financial backing from GMAC and State Securities. Legal advice was provided by Shoosmiths, while solicitors Dutton Gregory acted for the seller David Meadham.
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