HIG has acquired Yorkshire lift maintenance specialist Classic Lifts Limited for an undisclosed sum.
The Classic Lifts acquisition comes just three months after it bought Cambridgeshire-based CPS Building Services. HIG said then that intends to use CPS (formerly Cambridge Piped Services) to form the core of a wider technical building services group by acquiring businesses in fire protection, water and pumps, lifts maintenance, access and security, and associated compliance services. [See our previous report here.]
Classic will now form the core of the lift installation and maintenance offering within the group. Classic Lifts鈥� current management team will reinvest alongside HIG. The financial terms of the transaction have not been disclosed.
Classic Lifts provides lift installation and maintenance services from seven branches across the UK. Under the ownership of Keith and Ian Snow, in 2021 it made a pre-tax profit of 拢2.4m on 拢24m turnover.
Chief executive Keith Snow said: 聽鈥淲e are very pleased to be joining HIG 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.鈥�
HIG鈥檚 Jonathan Simpson-Dent is executive chair of CPS and now Classic. He said: 鈥淜eith 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鈥檚 customers. I鈥檓 excited to be working with Keith and his team to drive further growth at Classic and to continue our acquisitive technical services growth strategy.鈥�
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