On Thursday, SG Fleet Group (ASX: SGF) announced the acquisition of UK contract hiring and fleet management company Fleet Hire. The total value of the acquisition is 25.7 million pounds (AUD $44.1 million). The company said the acquisition gives SG Fleet scale and a profitable platform for continued growth in the UK market. The company also announced that it expects underlying net profit after tax for the 2016 financial year to be $52.1 million, slightly ahead of our expectations. Shares in SG Fleet closed up 9% for the week. We own SG Fleet as a research driven investment in WAM Capital and WAM Research.
Established in 1997 by Geoff Wilson, we are an independently owned investment manager based in Sydney. Today, Wilson Asset Management is comprised of ten investment professionals who offer a combined investment experience of almost 100 years.