Investment funds managed by Searchlight and Duke Street have acquired controlling interests in Fork Rent Limited and One Call Hire Limited - combining the businesses will create one of the UK’s largest providers of rental equipment to the construction industry.

Steve Corcoran, former chief executive of rental giant Speedy led the double buy-out and will head up the new business.

While Fork Rent has a greater involvement in the residential market, One Call’s has a larger footprint in the infrastructure and commercial segments. The newly combined business will create one of the UK’s leading operators of excavators and telescopic handlers.

Commenting on the deal, Oliver Haarmann, a Founding Partner of Searchlight, said:

“We have been deeply impressed by the leading market positions achieved by Fork Rent and One Call under the leadership of their founders. Together, the Companies can leverage their increased scale and strong reputation for providing best-in-class customer service to create a leading equipment rental company in the UK across multiple end-markets and equipment types.”

Stuart McMinnies, Partner of Duke Street, said:

“We are delighted to be combining two of the highest quality service providers in the fragmented UK hire market. The anticipated strong growth in both the housing and infrastructure sectors will allow this business to expand in both product and geographic terms and we look forward to working closely with the Companies to grow and maximize that opportunity.”

Fork Rent and One Call will together possess a network of equipment depots that spans the United Kingdom. Based in Ipswich, Fork Rent is a leading provider of telescopic handlers to the housing construction market. Based in Enfield, One Call, a best-in-class service provider to the commercial and infrastructure construction markets, is a specialist in excavators, dumpers, and rollers.