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.
Read more: Myenergi supercharges key export market as it accelerates global growth
Keith Snow, CEO of Classic Lifts, confirmed all active shareholders, including himself, have reinvested in the company. He 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-Den, executive chairman of H.I.G's new building services group, said: "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., said: "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."
READ NEXT:
