Aberdeen, Scotland, based Lifting gear rental and inspection company First Integrated Solutions has acquired UK lifting gear rental and service company Tusk Lifting from current owner Mammoet - part of Dutch conglomerate SHV holdings.
Details of the transaction have not been disclosed, but the companies indicate a seven figure deal. This is the second acquisition made by First Integrated Solutions in 18 months, having purchased heavy duty offshore waste compactor manufacturer North Sea Compactors last year.
First Integrated was established in 1997 as Global Lifting Services, adopting its current name and structure in 2014 after it was acquired by current owner Ian Sutie as it began to offer more sales and rental of lifting equipment, along with inspection services to the energy sector. Last year the company had revenues of £11.7 million, with a pre-tax profit of £880,000.
First Integrated Solutions Headquarter offices in Aberdeen
Stockton on Tees based Tusk was established at the end of 2016 and now has depots in Liverpool, Hull and Glasgow, with revenues in 2022 of £5.6 million, and a pre-tax profit of almost £300,000. All employees are expected to remain on board including managing director Kevin Chalmers.
The combined business are expected to have revenues of around £20 million this year, with five locations and around 125 employees. Integrated Solutions says that it plans to invest at least £3 million in the combined business over the next five years, in order to help spur further growth.
Martin Suttie of First Integrated (L) with Kevin Chalmers of Tusk
First Integrated managing director Martin Suttie said: “First Integrated has been successful at growing its market share in Aberdeen through continual investment in new equipment and the hard work of our dedicated team. By coming together with Tusk, we will now be able to grow our market share throughout the UK and this deal allows us to diversify the industries which we serve. It also brings additional services to Tusk, allowing it build on its industry leading lifting business. We already share a number of customers throughout the UK and this deal gives us a fantastic platform to grow our market share across multiple sectors throughout the UK.”
Tusk managing director Kevin Chalmers added: “I am truly delighted with the new ownership, and it was clear from the moment that we started this journey that both companies have aligned missions and goals. There is a long term vision in place which is hugely exciting, and with the backing of First Integrated we will have access to more resources, equipment and a broader network. This partnership will enable us to innovate faster, serve our clients better and expand our horizons.”
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