MSD acquired by management

15 April 2008

The crane rental division of MSD Darlington Ltd in the UK has changed hands in a management buyout headed by managing director, Maurice Johnson Johnson acquired MSD from owner Peter S tephens for an undisclosed sum. The crane hire division will now trade as MSD Lifting and will retain its two depots in Darlington and Gateshead in the north of England employing 35 staff. The fleet is 20 cranes from 15 to 200 tonnes capacity Johnson commented, “I am confident that the business will grow successfully and expect to increase the present UK£3 million [US$6 million] turnover to £5 million [$10 million] in three years. We are already in the process of looking at purchasing additional cranes in order to meet demand which will in turn create employment which is good news for the region.”Tait Walker Corporate Finance acted on Johnso s behalf on the deal and joint funding for the MBO was provided by venture capitalist NEL and Yorkshire Bank. Eighteen months ago Johnson joined MSD with a view to turning the business around and was offered a 50% share of the crane hire division.

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