08.02.2009

Cranes and access leaders

Four UK crane and access companies have made it into the UK’s top 100 fastest growing private equity backed businesses for 2009.

The chart is published in the Sunday Times and produced by Fast Track and sponsored by Deloitte and measures growth in profits before tax and interest and depreciation – EBITDA over the past two years.

Leading the four is AFI-Uplift, the Wakefield based aerial lift rental company in 41st place, compared to 42nd last year. The company was subject to a Management Buy In by David Shipman and Geoff Gibson in 2002, the business then raised further funds in late 2004 with Northern Venture Managers.

In 2006 Barclays Private Equity took a significant stake, helping fund the acquisition of Uplift which was also based in Wakefield.

The company is now the second largest powered access rental company in the UK with a fleet of around 4,300 units and revenues of over £31 million, while EBITDA was £13.7 million, an increase of over 51 percent in two years.

Close behind AFI, in 46th place, up from 85th last year, is Ainscough Crane Hire, the UK’s largest crane rental company, which was subject to a Management Buy Out led by managing director Neil Partridge and funded by Bank of Scotland Corporate in 2007.

Ainscough posted profits (EBITDA) of £43.4 million last year, up 49 percent in the two year period. The company had revenues of almost £133 million and runs a fleet of 520 cranes.

The third company is Energy Cranes, the Aberdeen based offshore crane and services company which was in 75th place, down from 74th last year. The company was partly owned by LMS Capital, but in March last year LMS sold its stake to Close Brothers Private Equity.

Energy had revenues of almost £114 million and an EBITDA of £12.2 million, an increase of 36 percent over the two year measurement period.

The fourth company is the Specialist Hire Group in 91st place, down from 62nd last year. The company was founded in 2002 when Peter Cosgrove and John Chappell took over Rushlift Mechanical Handling and then sold a 26 percent stake to Springboard, now known as Nova Capital.

The company owns Marsden Crane hire, Jardines Crane hire and added Telford Crane Hire last year. The group has revenues of £23.5 million and profits of £4.7 million up 31.6 percent in the period.

Congratulations to all four companies.