A lift maintenance, repair and installation company has been acquired by a US-based alternative assets investment firm.
Classic Lifts has been acquired by an affiliate of HIG Capital.
Rotherham-headquartered Classic provides lift installation and maintenance services from seven branches across the UK in South Yorkshire, St Helens, Lutterworth, Kent, Stanley and Bristol.
The company’s current management team will reinvest alongside HIG. The financial terms of the transaction have not been disclosed.
HIG, together with the management team, are aiming to continue Classic’s growth, both through M&A and organically.
Classic follows on from HIG’s acquisition of CPS, a UK mechanical and electrical building services provider, and becomes 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.
Keith Snow, chief executive at Classic, said: “We 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.”
John Harper, managing director at HIG, 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.”
Squire Patton Boggs advised HIG Capital on the deal.
HIG is a Miami-based global alternative assets investment firm with $53bn of equity capital under management. Since its founding in 1993, HIG has invested in and managed more than 300 companies worldwide.
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