The purchase price of Sinbad Tool Hire has, as yet, been undisclosed. The firm are based in Stapleford but also have another branch in West Bridgford.
Both trade and domestic customers will benefit from the purchase and James Norton, the managing director of Frank Key, believes their position within the toolhire industry can only be strengthened by the acquisition.
He said: "Hire has been an area of great success to us over the past few years and this acquisition strengthens our position as the premier independent hire company in Nottinghamshire."
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The chairman of Frank Key, Robert Sansom, spoke about the firm’s 100 years in the industry and said: "I joined the company in 1972 and very quickly realised that plant and tool hire should be an integral part of a successful Frank Key, purchasing our first mixer for hire in October 1972.
"Today, we have a long-established and reputable name in hire and adding Sinbad Tools to the group only enhances this, with its similar reputation."
Gavin White, of the corporate team at law firm Fraser Brown was just one of a number of professionals drafted in to seal the final deal.
Sinbad Tools were advised by RSM Tenon and Tom Gray at Actons with financial advice being provided by Smith Coopers' James Bagley.
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