Friday, February 3, 2023

News: Rotherham's Classic Lifts acquired by US private equity firm


Rotherham-based Classic Lifts Limited, a leading UK provider of lift engineering and maintenance services has been acquired by H.I.G. Capital, a global alternative asset investment firm with $53 billion of equity capital under management.

As part of the deal, Classic’s current management team will reinvest alongside H.I.G. The financial terms of the transaction have not been disclosed.

Based at Templeborough, Classic's customers includes clients with a single disabled access lift, to blue chip companies requiring support across their nationwide portfolio.

WIth seven branches across the UK, the business has developed a strong reputation for high-quality service provision in its market, having grown both organically and inorganically in recent years. H.I.G., together with the management team, aims to continue Classic’s track record of growth, both through M&A and organically, to become the market-leading independent service provider.

Classic follows on from H.I.G.’s acquisition of CPS, a leading mechanical and electrical building services provider in the UK, as the second business within a broader technical building services group. It will form the core of the lift installation and maintenance offering within the group. Further acquisitions are anticipated across fire protection, water and pumps, access and security, and associated compliance services.

Keith Snow, CEO of Classic Lifts, said “We are very pleased to be joining H.I.G. as they work to build a leading technical building services group that shares our focus on customer service. This is the start of the next phase of growth for Classic as we look to continue our M&A strategy and build on customer relationships across both Classic and CPS.”

Jonathan Simpson-Dent, added: “Keith and his team have built Classic into a leading national lift servicing business over the course of the past decade with a demonstrated track record of delivering quality to Classic’s customers. I’m excited to be working with Keith and his team to drive further growth at Classic and to continue our acquisitive technical services growth strategy.”

John Harper, Managing Director at H.I.G., added, “We are very excited to be partnering with Keith and the Classic team to build on the Company’s track-record of success. Classic’s long-term growth record, talented staff and strong reputation with their customers were core to our interest in the business. We are pleased that the team has decided to join our group of technical building services companies.”

With its HQ in Miami, the H.I.G. family of funds includes private equity, growth equity, real estate, direct lending, infrastructure, special situations debt, and biohealth.

Classic Lifts website

Images: Classic Lifts


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