Speedy is back on the acquisition trail buying Yorkshire-based powered access hirer Lifterz for £9.6m.
Lifterz employs around 90 staff out of a head office in Ossett and other sites in Haydock, Daventry and Bathgate.
It operates a fleet of 1,300 access platforms and last year achieved revenue of £15m generating operating profit of around £3.3m.
The acquisition complements Speedy’s previous powered access acquisitions, giving it a nationwide coverage to service customers with larger cherry pickers and scissor lifts.
Cost synergies will be realised from the operation of a national powered access business through Speedy’s national depot network.
Previous Lifterz owners Malcolm and Ben Bowers will join Speedy’s business.
Over the last 18 months, Speedy has invested over £50m in the powered access market to build a national presence through in-fill acquisitions and organic capital expenditure.
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 right across the UK. I am delighted to welcome Malcolm, Ben and the whole Lifterz team to Speedy.
We are also pleased to report that full year revenues and profits will be ahead of the prior year and our results will be in line with expectations.”
In an associated upbeat end of year trading statement Speedy said pre-tax profit for the year to March would be ahead of expectations.
But after spending £31m on acquisitions in the second half of the year, net debt was expected to rise to £90m from £70m at the same time last year.
from Construction Enquirer http://www.constructionenquirer.com/2019/03/20/speedy-buys-powered-access-hirer-for-9-6m/
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