Prolift Access is a West Country business specialising in powered access platforms has been acquired by Merseyside-based equipment hire company Speedy. Prolift Access has its Head Office in Wellington, Somerset and depots in St Austell, Ringwood and Bristol. The company offers cherry pickers, scissor lifts, boom lifts and other powered access aerial platforms for hire as well as providing qualified operators and training for clients.
The company has a fleet of approximately 770 access platforms and employs 72 staff. Revenue for the financial year ended 31 December 2016 was £7.9m with earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of £2.4m and gross assets of £12.1m. Sean Grinsted and Rob Gear from the Corporate Finance team at PKF Francis Clark advised the shareholders of Prolift Access on the sale.
Sean Grinsted, Partner at PKF Francis Clark said:
“We were extremely pleased to provide advice on the sale to the shareholders of Prolift Access, which now benefits from being part of a strong national network. We wish them well for their future success.”
Andy Pearson from Prolift Access said:
“This is a great opportunity for the business to grow as part of a larger group. We enjoyed working with Sean and the team at PKF Francis Clark as they delivered what we needed within a relatively tight timescale.”
Speedy said Prolift Access will enable it to support an increased proportion of customer demand through its core fleet.
Russell Down, Chief Executive of Speedy, commented:
“Prolift Access will strengthen our powered access offering and allow us to better serve our customers. I warmly welcome Prolift Access employees to Speedy.”
Speedy have also acquired another powered access business, Platform Sales & Hire Ltd, which trades from centres in Milton Keynes and Birmingham. Addleshaw Goddard‘s corporate team, including Roger Hart, Oliver Hincks and Ben Heywood, advised Speedy on both the deals. Legal support for Prolift Access was given by Foot Anstey Partner Duncan Sykes and Senior Associate Chris Cook.
Duncan Sykes added,
“We were pleased to be involved in what was a complicated and very fast moving transaction, and the team here is proud to have played a key part in pulling it all together, benefiting from a collaborative approach taken by advisers and all parties on the transaction. We are sure that Prolift will continue to go from strength to strength under Speedy’s ownership.”