Lift engineering and maintenance firm Classic Lifts has been acquired by Florida-based investor H.I.G Capital in an undisclosed deal.
The Rotherham business, which has bases across the country, will become part of H.I.G's plan to build a wider technical building services group, following its September acquisition of Cambrige's CPS Building Services Limited. The £24m turnover business posted operating profits of £2.4m in 2021, and H.I.G said the Yorkshire firm had developed a strong reputation for high quality service provision in its market.
Miami-based H.I.G, which has a portfolio of more than 100 companies with $50bn equity capital under management, now plans to make further acquisitions to build the group in which Classic will be the core lift installation and maintenance arm. Further deals with firms involved in fire protection, water and pumps, security and compliance services are anticipated.
