Equistone Partners Europe has sold aerial equipment rental company AFI-Uplift to Rutland Partners for about £85 million (about U.S. $131 million), according to various U.K. Internet reports. The deal includes simultaneous acquisitions of AFI’s two additional businesses, Hi-Reach and Access Rental Gulf. Rutland invested alongside AFI chairman David Shipman and AFI’s management team.
GE Capital provided a £50 million five-year revolving asset-based lending facility. Rutland’s total equity contribution is expected to total £32 million. Following the deal, the enlarged group will operate across the U.K. and in the Middle East. The business will be able to move surplus equipment in the U.K. to the Middle East.
Equistone acquired AFI in 2006 for £15 million in a deal that merged AFI Aerial Platforms with Uplift Platforms, creating AFI Uplift. The company’s revenue has increased from £20 million in 2006 to £32 million in 2012.
“The company sits in a sector that is here to stay and platform hire is becoming more important as legislation continues to drive growth in this area,” said Rutland partner Oliver Jones. Rutland was also attracted to the deal because of its involvement in the Middle East through the Access Gulf business.
AFI provides aerial rental equipment, with 3,700 units in its fleet from 18 branches. The company provides safety training. Access Rental Gulf is based in the United Arab Emirates, and has 400 aerial units in its fleet. Hi-Reach, also based in the U.K. has eight branches and 1,500 machines.
AFI chairman David Shipman will remain as executive chairman to the combined group.
