UK holding company Pure Lifting has acquired Welsh lightweight gantry crane manufacturer Reid Lifting.
Pure Lifting was recently formed “to create a global portfolio of portable equipment businesses”. The acquisition - the value of which has not been disclosed - includes the working assets plus an employment offer for all staff, but not the company’s buildings and land in Chepstow, south Wales, which will remain under the ownership of Reid owner Nick Battersby, who will also remain with the company as a director, while sales and marketing director Elisabeta Battersby will retire later this year. Simon Luke has also been appointed as managing director with immediate effect.
Luke, one of a number of investors in Pure Lifting, will retain his role as owner director of property company Siam Consultancy & Investments, but will no longer be a non-executive director at training company Elephants Don’t Forget.
Luke said: “Nick and his team have done a tremendous job of positioning Reid as a standout manufacturer in the portable lifting equipment marketplace. We look forward to building on its success in addition to realising expansion and global growth potential. Continued innovation and an elevated profile of the many core strengths of the product range will be hallmarks of our ownership.”
“Reid has done a fine job of maximising revenue from European markets and further afield, but we have earmarked a number of regions that represent growth potential, including the US, Canada and South America.”
Battersby added: “Elisabeta and I have been planning an exit strategy for the past 18 months. We have repelled purchasing interest in the past but the eventual sale represents conclusion of a carefully managed process that results in a new ownership concept that can take the company - and existing and prospective employees - to the next level. Importantly, Pure wants to invest in the existing facility and give energy to global growth endeavours from our Chepstow home. Elisabeta and I are certainly excited about witnessing continued expansion, albeit eventually from afar.”