Lavendon Goes Higher
The Lavendon Group has made an other UK acquisition, snapping up Higher Platforms Group Ltd, the Cannock based access rental company for a total of £8.9 million.
The purchase price is made up of £7.6 million in cash with an additional £1.3 million payable on August 3, 2008, in cash.
As part of the deal Lavendon will also assume Higher Platform's net cash of £1.4 million as part of the transaction.
Kevin Appleton, Lavendon’s chief executive said, 'The acquisition of Higher Platforms is another important addition to our UK network of regional businesses, as their geographic coverage complements our existing network,'
Leigh Farmer the owner manager of Higher Platforms will remain with the business, joining the company's regional buisnesses management team.
Higher Platforms has a fleet of 435 aerial lifts operating from four locations. Revnues last year were £4.6 million, with a pre tax profit of £1.1 million.
Gross assets are £6.8 million and net assets of £3.9 million.
Leigh Farmer, managing director of Higher Platforms, said: “We see this as a great opportunity for Higher Platform’s staff and customers. We have built a strong business over the past few years but recognised that we needed to find a way to offer a broader range of products and services.
Becoming part of the Lavendon Group offers us all of the advantages of a large, national company structure but allows us to keep our business culture and customer relationships intact. It also offers increased career opportunities for our staff”
Lavendon UK's chief executive, Andy Wright, said, “Higher Platforms is an excellent business with an enviable reputation in the market. It employs a great team of people and we see its addition as being positive news for Lavendon UK.
This is another quality acquisition by Lavendon, adding a strong presence in the midlands to its UK portfolio of regional businesses. Leigh Farmer has operated a quality business concentrating on specific machines and high levels of customer service.
The company, has tended to focus on niche and specific markets in recent years, such as the industrial market where it offers a fleet of propane powered lifts, along with a comprehensive range of narrow aisle machines.
It should fit in well alongside Panther, A.M.P, Kestrel and Rise Hire