Speedy acquires Lifterz
By Euan Youdale20 March 2019
Speedy has acquired powered access specialist Lifterz, based in Yorkshire, UK. It paid £9.6 million ($12.2 million) in cash as well as net debt of £11.9 million ($15.3 million).
Operating from a head office in Ossett, Lifterz has three additional sites and a fleet of approximately 1,300 access platforms and around 90 employees. It was managed by father and son team Malcolm and Ben Bowers.
Unaudited revenue for the 12 months ended 31 January 2019 was £15.2 million ($20.9 million) with EBITDA of £3.3 million ($4.4 million). Gross assets were £17.2 million ($22.7 million).
Speedy said the acquisition complemented its previous powered access acquisitions, giving it a national presence and allowing it to service customers nationally with larger specialist equipment. It will create a national powered access business operating through its national depot network, a strategy that Speedy said would allow it to cut costs.
Since November 2017, the group has invested over £50 million ($66.1 million) in powered access, in line with its strategy to build national presence through acquisitions and organic growth.