Chepstow, Wales-based Reid Lifting, a manufacturer of lightweight gantry and davit cranes, has been purchased by Pure Lifting, a holding company formed to create a global portfolio of portable equipment businesses. The value of the transaction, effective 5 March 2019, was not disclosed.
Nick Battersby (left) and Simon Luke, outgoing and incoming managing directors respectively, mark the dawn of a new era of ownership at Reid Lifting
The acquisition includes all staff and assets but not the company’s buildings and land – which will remain in the ownership of Nick Battersby, former owner of Reid and outgoing managing director.
Simon Luke, who has worked extensively in the fall protection sector, has taken up position as incoming managing director with immediate effect.
Luke commented, “Reid has done a fine job of maximising revenue from European markets and many others further afield, but we have earmarked a number of regions that represent growth potential, including the US, Canada, and South America. We understand the requirement to localise the product offering and deliver to Stateside users, for example, unrivalled solutions in our sector through a vibrant distributor network.”