02.09.2008

Private equity firm acquires LCR Lindores

Brisbane, Australia, based crane rental company LCR Lindores has been acquired by Sydney-based Champ Private Equity.

The family owned business was founded 23 years ago by the three Lindores brothers Peter, Greg, and Edward, and has revenues of around A$120 million and employs 400. The brothers brought in an outside chief executive, Collin Partington, in 2005 and took a less hands on role as part of their exit strategy.

Champ has purchased 90 percent of the equity while the management team, led by Partington, will hold around 10 per cent. Partington said: "The Lindores had the vision and aspiration to recognise the business needed to do things differently and to be corporatised and to start in 2005 to plan an exit strategy."
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Collin Partington

"This business is very capital intensive. It's had a significant amount of growth since 2005 and our plan was to double that growth again within the next three years. That needed someone to bring the financial skills and resources to the group to go further and that's what we liked about Champ,"

Lindores began with tower cranes, but now runs a fleet of mobile cranes, including truck mounts, crawlers and pick and carry cranes along with a support services and haulage business targeted at the mining and maritime industries.
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One of Lindores 200 tonne Demags

The Lindores family is also involved in Lincon the aerial lift rental company through Colleen Lindores.