LSGI acquires Lifterz and launches Lifterz cranes
By Maria Hadlow24 April 2012
Following a successful initial investment in UK aerial work platform rental company Lifterz Ltd, LSG Industrials (LSGI) has acquired a controlling stake in the company. As part of the transaction, Lifterz founding director, Malcolm Bowers, has been appointed to the board of directors of LSG Industrials. Having rolled his interest in Lifterz into LSG Industrials, he is now an investment partner in LSGI alongside Patrick Leoni Sceti, Elio Leoni Sceti, and Marco Fabbricini.
LSGI is an industrial investment group, which aims to build a portfolio of sector specific investments in businesses that have a service, industrial and sales theme and, which also have the potential to create synergistic value across the wider portfolio of investments. New start-ups, management buy outs, management buy ins, outright purchases and rescues are part of the Group's strategy for growth at LSGI.
As part of this strategy, LSGI also announces today that it has invested in the setting up and launch of Lifterz Cranes Ltd, which will provide mobile, spider and crawler crane hire, contract lifts and lifting solutions to the South West from its depot in Plymouth.
Commenting on the consolidation of Lifterz and the launch of Lifterz Cranes, managing director of LSGI Patrick Leoni Sceti said: "Having Malcolm on board gives us the industrial credibility and knowledge which, matched with our heavyweight team of financial and investment experts, gives us the perfect mix of skills to grow LSGI to a significant specialist investment group."
Malcolm Bowers says the Lifterz brand is going to be developed via both its product range and its geographical reach. He confirms they are looking at various opportunities in both the access and lifting markets at the moment.
"Our plan is to acquire, consolidate and back successful people who have sound business plans," he said. "We are actively looking for opportunities and are open to approaches from those with investable ideas and businesses."
Lifterz is now operating from two depots in Yorkshire and Lancashire. Mr Bowers said, "My role is gradually changing as I assist the LSGI team in developing the strategy for our industrial group. Over the next twelve months, therefore, we hope to appoint someone to replace me in Lifterz to work alongside Ben Bowers, who is now its largest minority shareholder, in managing our £5m business and growing it further."