Walsall forklift truck distributor acquired by Mitsubishi
Forklift truck importer and distributor Red Diamond Distribution has been acquired by Mitsubishi Logisnext Europe (MLE), one of the world’s largest manufacturers of forklift trucks.
MLE says this latest acquisition enables it to move forward with its plans to integrate and realign its global brand portfolio.
Red Diamond based in Walsall has been the exclusive distributor of Mitsubishi forklift trucks in the UK since its incorporation in 2013. Since then, it says it has helped MLE to more than double its market volume.
As the shareholders of Red Diamond own a number of Mitsubishi dealerships, they will continue to work with MLE going forwards.
The shareholders of Red Diamond were supported by the transactional tax specialists at PKF Smith Cooper. In addition to receiving formal tax advice, Red Diamond also were assisted with tax due diligence support and provided share purchase agreement advisory services.
Mike Jones, the managing director of Red Diamond said: “Upon being approached by Mitsubishi with an offer to acquire the business, the shareholders felt that the timing was right to allow the brand to take the company into the next stage of its journey.
“We are incredibly grateful for the advice and support which Adam and his team were able to provide us and we look forward to continuing our working relationship with PKF Smith Cooper for many years to come.”
Adam Rollason, tax partner and head of transactions tax at PKF Smith Cooper, led the team.
Sell side legal advice was provided to the shareholders by Geoff Kettle, Corporate Partner at Higgs LLP.