Oldham handling specialist plans for the future following MBO
A management buyout at Oldham handling specialist Lift Safe has secured its future and that of the 28-strong workforce.
The deal, for an undisclosed sum, sees Jamie Radcliffe, Bobby Cullen and Rebecca Parker take part ownership of the business and owner Jerry Hanss retain a 25% stake.
Mr Hanss founded the company 20 years ago as a supplier of ergonomic handling equipment. He said: “Years ago I worked for a large American organisation and always wanted to do my own thing. Back then it was a now or never moment and I took the plunge and set up my own company. Now, once again, the timing seemed right, and I am pleased that three members of the team have formed a management buyout.”
The sale gives the 28 staff at the site in Hawksley Street, job security and, more importantly, continuity in the workplace.
Jerry said “This deal works well for all involved. In recent years I have talked to several potential third- party purchasers but was mindful that this meant uncertainty for my staff. The deal we have done removes that uncertainty and I have retained 25% and so will be involved in a transition phase on the board for the next three to four years. More importantly I feel I am leaving the business in safe hands.”
The deal includes Lift Safe Ltd, which supplies ergonomic handling equipment to a vast range of worldwide industries, as well as ePowerTrucks, specialising in road legal electric trucks, electric street vacuums, electric pedestrian tow tugs and a wide range of electric multi-passenger vehicles. The sale also includes the leasing arm of the business, Mueller Donnelly Finance Ltd.
Jamie Radcliffe said: “We are now well placed to push the business on and have plans for a turnover of beyond £10m.
“With green issues taking ever increasing priority, most businesses are looking towards electric options and we have a fantastic client base, which is growing, and a great product suite of on and off-road electric vehicles, alongside a wide range of lifting products.”
Jerry and his wife Elizabeth were advised by David Middleton from Cole Associates Corporate Finance, Richard Massey from Christian Douglass, Dave Meredith and Keith Kennedy, of Pearson Solicitors and Financial Advisers. The management team were advised by Brabners Solicitors.
