A family-owned lifting equipment specialist has been sold to a Swedish conglomerate looking to strengthen its presence in the British market.
Lifting Gear UK, based in Skelmersdale, has been sold to the lifting solutions arm of Axel Johnson International.
The West Lancashire firm is the largest privately-owned lifting equipment provider in the UK. It was founded in 2007 in Leyland and has 12 UK depots stretching from Glasgow to Bridgwater in Somerset.
Axel Johnson owns 150 companies in 30 countries.
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Ralf Wiberg, managing director of Lifting Solutions, a business group within Axel Johnson International said: “We are very enthusiastic about this opportunity to expand our offering within the lifting rental market, which we believe will be a cornerstone in our future growth and increased focus on sustainable customer offers.
“Lifting Gear UK has a well-established brand and dedicated co-workers with a can-do attitude that we believe will contribute significantly to our group.”
Founder Chris Turner said: “I believe that Axel Johnson International is the ideal owner to help grow Lifting Gear UK’s business and brand recognition. I am confident that the group’s culture and know-how of the industry will support further growth of the company. I’d like to thank our loyal employees whose dedication and hard work has made the company the success it is today.”
Managing director Andrew Harrison added: “Becoming part of Lifting Solutions group will provide us with an excellent platform to further expand our presence and streamline our supply chain. We are looking forward to working closer with the group to further enhance our excellent customer service.”
The shareholders of Lifting Gear UK were advised by Grant Thornton's team of Usman Malik, Chris Ryan, Simon Keppie and James Boreman.
Usman Malik, head of business services advisory at Grant Thornton said: “The acquisition is an excellent strategic fit for all parties and a great outcome for the entrepreneurial founders of Lifting Gear UK, who have worked incredibly hard to create an excellent and well-regarded business. We look forward to seeing the combined group go from strength to strength.”
Other advisers included accountants NR Barton and law firm Pinsent Masons. Axel Johnson was advised by law firm Knights and corporate finance firm BHP.
