CorpAcq picks up forklift truck firm

INVESTMENT group CorpAcq has strengthened its presence in the industrial vehicles market.

The Altrincham company has snapped-up a forklift truck business with eight depots across the Midlands and southern England.

It has acquired United Forktrucks (1992), a £6.5m turnover business headquartered  in Thetford, Norfolk, and employs 86 staff.

United Forktrucks is a £6.5m-turnover business which was founded in 1992 and has grown organically and through a series of acquisitions. It sells, hires out, maintains and services forklift trucks, and also  provides specialist training to forklift drivers.

The business was owned by four shareholders, the largest of whom was Michael Underwood, who has left the business after the deal.

The others are Paul Nichol and Rodney Forder, who remain as managing director and maintenance manager respectively, and finance director Chris Compson, who is staying on as a consultant.

United Forktrucks will retain its brand and identity but will operate as part of the Lancashire-based Carrylift Group, which is owned by CorpAcq.

The deal extends Carrylift’s geographical reach. It has its headquarters in Skelmersdale  and depots in Gateshead, Glasgow, Shotton on Deeside and Stoke.

Simon Orange, the founder and chairman of CorpAcq, said: “This is our fourth acquisition in the materials handling sector and represents an excellent bolt-on for Carrylift. There are great operational synergies between the businesses.

“The acquisition enables Carrylift to extend its geographical reach into the south, where until now it has had little presence. It also assists Carrylift in serving national customers more effectively. Using the experience of Carrylift’s management team, we will be exploring opportunities to expand United Forktrucks further.”

CorpAcq, which earlier this year secured a £25m funding boost from corporate credit specialist Alcentra, owns businesses in the building services, manufacturing, precision engineering, packaging and plant and generator hire sectors in addition to materials handling.

Lee Teste, of Summerlin Corporate Finance, and Mary Erb, of law firm Fieldfisher, advised CorpAcq on the deal.