13.12.2017

Yorkshire Hoist acquired

Eric Jones, chairman and co-owner of UK based mastclimber and suspended platform specialist Adastra Access has acquired Yorkshire Hoist of Huddersfield from owners Sharon and Stewart Haigh. Yorkshire Hoist will continue to run as a separate business. The financial details of the deal have not been disclosed.

Founded in 2002, Yorkshire Hoist rents hoists and transport platforms to the construction industry in the North of England. It reported assets of £1.1 million for 2016 and is in strong financial health.

Adastra Access, based in Walsall, West Midlands, has annual revenues of £7 million and employs around 100. Accounting firm Garbutt + Elliott brought the two parties together and took an active role in putting the deal together.
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A Yorkshire Hoist in action

Yorkshire Hoist’s Stewart Haigh said: “Adastra Access is an excellent business with ambitious growth plans and a strong management team. This made it the ideal company to sell Yorkshire Hoist to as they will be able to build upon our success. Tariq and the team at Garbutt + Elliott were instrumental in enabling the deal. They brought the two businesses together and provided timely, practical advice throughout process. We now look forward to seeing Yorkshire Hoist continue to grow under the new ownership.”

Adastra chairman Eric Jones added: “Yorkshire Hoist is an excellent business which we are very proud to now own. This acquisition will allow us to gain further momentum in a complementary market and expand geographically into Yorkshire.”

Tariq Javaid of Garbutt + Elliott said: “There is an excellent complementary fit between both businesses. We have every confidence that Adastra Access’s management team will continue the great work that Stewart and his team at Yorkshire Hoist have achieved. It was a pleasure to work on this deal, securing positive outcomes for all concerned and the future opportunities for a successful Yorkshire business and its employees.”
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(L-R) Eric Jones and Ken Goundry of Adastra Access, Stewart Haigh of Yorkshire Hoist, Tariq Javaid of Garbutt + Elloitt, Michael Kelly of Adastra and Steven Wright of Yorkshire Hoist

Vertikal Comment

The UK mastclimber and hoist market appears to be hotting up, with this deal following hot on the heels of the acquisition of BFT Mastclimbing by private equity firm Equistone Partners Europe See Equistone acquires BFT

The interest may be related to the Grenfell Tower fire that has triggered a total overview of façade cladding in the UK, much of which will be replaced over the next few years with more fire retardant panels, requiring the use of mastclimbers and hoists. Several towers have already had existing cladding removed as a precaution. The mastclimber market might also be reaching a tipping point, where it begins to take more of the façade market from scaffold?

Expect more developments in the year ahead.