Manchester based investment Group CorpAcq plc, has acquired the family-owned material-handling specialists Hessle Fork Trucks Limited, located in West Yorkshire.
CorpAcq acquire 100 per cent of the business, which will see their annual group turnover approach £70m.
CorpAcq said: "Hessle is a successful and profitable business with a wealth of experience in the plant hire industry and will integrate well with the other businesses in our portfolio. This sector is a key area for our group and we're delighted that it's expanding."
Established in 1968, Hessle supplies materials handling and access equipment and is the largest dedicated Manitou forklift truck dealer in the country and the largest independently owned hirer of rough terrain handling equipment in the UK.
Founder Peter Rumgay will remain with the business as a consultant and his son Andrew Rumgay has become Managing Director. CorpAcq Chairman Geoff Robinson also joins the Hessle Board.
Advisors who worked on the deal were Nick Cattell of TMG Corporate Finance, Jeremy Lee of Myers Lister Price, Sinead Ormerod of Cobbetts and Peter Barton of Yorkshire law firm Gordons, legal advisors to the sellers. Acquisition finance was provided by PNC Business Credit and the deal team was led by Mark Shackleton.
Commenting on the deal, Peter Barton, corporate partner at Gordons, said: "Hessle Fork Trucks is an extremely successful company and we were very pleased to be able to help the owners achieve its sale to CorpAcq. We are sure the business will continue to prosper under the new ownership as the two are an excellent fit."
The CorpAcq portfolio includes a further eight businesses namely, Regency Glass, Vista Panels, Glasscraft, Metcalfe Plant Hire, Filtermech, UK Logistics, Mather and Stuart Generators and the Carrylift Group.