Lift maintenance company going up in the world following acquisition
HIG Capital, a Florida-based global alternative investment firm, has acquired lift engineering and maintenance company Classic Lifts for an undisclosed sum.
Classic Lifts is headquartered in Rotherham and offers lift installation and maintenance services from seven regional branches across the UK.
HIG is based in Miami and since its founding in 1993 it has invested in and managed more than 300 companies worldwide. Its current portfolio includes more than 100 companies with combined sales in excess of $30bn.
Classic Lifts CEO, Keith Snow, said: “Classic Lifts has received a significant investment following the acquisition of the company by HIG Capital.
“HIG Capital is a leading global alternative investment firm, and their involvement in Classic Lifts brings opportunities in terms of further expansion, acquisitions, and systems investment.
“They identified Classic Lifts as the perfect company to invest, strengthen and enhance its independent
position within the UK lift market.”
John Harper, managing director at HIG, said: “We are very excited to be partnering with Keith and the Classic Lifts 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 Classic team have decided to join our group of technical building services companies.”
Snow added that all previous and active Classic Lifts shareholders will remain in their current positions, noting that they have re-invested in the company and are committed to the long-term future of the business.