Speedy, the UK’s leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, today announces the acquisition of powered access specialist Lifterz Holdings Limited (Lifterz).
Lifterz is based in Yorkshire, operating from a head office in Ossett, with additional sites in Haydock, Daventry and Bathgate. Managed by Malcolm and Ben Bowers, it has a fleet of approximately 1,300 access platforms and employs circa 90 people.
Unaudited revenue for the 12 months ended 31 January 2019 was £15.2m with normalised EBITDA of £3.3m. Gross assets were £17.2m. Cash consideration paid amounted to £9.6m with net debt assumed of £11.9m, which was settled at completion.
The acquisition complements Speedy’s previous powered access acquisitions, creating a comprehensive national presence, which will allow the Company to service customers nationally with larger specialist equipment.
The Group expects to benefit from revenue synergies through the provision of a national offering to major customers from its owned fleet of equipment. Cost synergies will be realised from the operation of a national powered access business through Speedy’s national depot network.
Since November 2017, the Group has invested over £50m in the powered access market in line with its strategy to build a national presence through in-fill acquisitions and organic capital expenditure. The acquisition of Lifterz now provides such w a comprehensive national presence in this sector.
Russell Down, Chief Executive of Speedy, said “The acquisition of Lifterz announced today is strategically important, giving us a national powered access offering and enabling us to provide an end to end service to our customers across the UK. I am delighted to welcome Malcolm, Ben and the whole Lifterz team to Speedy.”