12.09.2006

AFI to merge with UpLift

News is breaking this morning regarding a merger between AFI and UpLift, both of which are based in Wakefield in the UK. In last years Top 20 UK/Ireland access rental companies AFI was in fourth place, while UpLift was in 24th position.
The combined business will have a fleet of over 3,200 lifts, 17 locations and over 200 employees.
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(L-R) David McNicholas of Deloitte & Touche, with David Shipman, Nick Selley and David Ridge of AFI in Sept 2004

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Ruairi Duggan (L) and Nick Higgins, of Uplift with some of the equipment for the New Haydock depot

Both AFI and UpLift have declined to discuss the deal at this time, but employees were notified this morning after the deal was concluded. A full release is expected later in the week.

UpLifts founders and joint managing directors, Nick Higgins and Ruairi Duggan, are both expected to join the board of AFI-Uplift along with the directors of AFI. AFI is forecast to generate revenues of £20 million this year while UpLift is likely have sales of around £5 million.
The merger will leapfrog AFI-UpLift into a clear number two position behind Nationwide.

See Barclays Private Equity buy into AFI Uplift for more details on the deal

Vertikal Comment

It is too early to comment at this stage on this deal, given that full details have yet to be released. However on the surface it is likely to prove rewarding for the UpLift team which has worked hard to build up a first class business since starting off in a small way back in 2001.

The two principals Nick Higgins and Ruairi Duggan will also have a chance to play a leading role in a bigger pond, while AFI gains some first class entrepreneurial managers.

UpLift has been subject to buy-out rumours for some time with some pundits assuming they might be the next target for the Lavendon group’s regional rental grouping. UpLift is currently a member of the Access Link.

The remaining members of the Access Link will be scratching their heads this morning, as yet another leading member is acquired by a national rental company.

Some might be fast to volunteer to lead the Link as it seems that no sooner does a company owner step in to the chair than his business is snapped up by a national company.

More later in the week