30.03.2015

Oaktree takes Ainscough

US-based Oaktree Capital Management has purchased UK-based Ainscough Crane Hire - including James Jack and Ainscough Wind Energy Services (AWES) - from Goldman Sachs and TPG.

No official announcement has yet been made and no financial details disclosed. See possible ownership change at Ainscough

However in an internal announcement to employees, managing director Robin Richardson said: “Oaktree are very excited about our plans for the future and are very keen to support us with our growth strategy. They will be visiting us in the near future, but in the meantime, let’s continue to stay focused on our business objectives."

Oaktree is headquarted in Los Angeles, but has an office in London. More than 75 percent of its portfolio is currently located in North America. We will update this article as soon as we receive more information.

Vertikal Comment

Discussions on the sale of Ainscough have last almost six months, with several suitors having been rumoured along the way. The deal with Oaktree is probably the best of those that were raised, in that the investors tends to be 'hands off' with the motto, "if we avoid the losers, the winners will take care of themselves."

The group is looking to gain from the anticipated upside potential for the crane rental sector from increased infrastructure investment in the UK over the next few years, rather than looking to make a 'quick buck'. As such it is likely to be a supportive owner.