Garbutt + Elliott advise Yorkshire Hoist on sale to Adastra Access
Huddersfield-based vertical transportation systems provider Yorkshire Hoist has been sold to Wallsall-headquartered work platform specialist Adastra Access.
Yorkshire Hoist was successfully advised on the deal by the corporate finance team at Garbutt + Elliott.
Led by partner Tariq Javaid, the team assisted the company’s owners in finding a buyer to enable them to retire whilst also securing the future of the business. The value of the deal is undisclosed.
Founded in 2002, Yorkshire Hoist provides hire services to the UK construction industry and has grown to become one of the North’s largest suppliers. Adastra Access, which specialises in mast climbing work platforms, cradles and other specialist lifting equipment, has a turnover of £7,000,000 year and employs circa 100 people.
Commenting on the deal, Yorkshire Hoist director and owner, Stewart Haigh said: “Adastra Access is an excellent business with ambitious growth plans and a strong management team. This made it the ideal company to sell Yorkshire Hoist to as they will be able to build upon our success.
“Tariq and his team at Garbutt + Elliott were instrumental in enabling the deal. They brought the two businesses together and provided timely, practical advice throughout process. We now look forward to seeing Yorkshire Hoist continue to grow under the new ownership.”
Yorkshire Hoist employs five people and all have been retained by Adastra Access following the sale.
Eric Jones, group chairman of Adastra Access, said: “Yorkshire Hoist is an excellent business which we are very proud to now own. This acquisition will allow us to gain further momentum in a complementary market and expand geographically into Yorkshire.”
Garbutt + Elliott’s corporate finance team advised on more than 20 deals totaling £130m last year, across a variety of sectors including manufacturing, engineering, distribution, printing, brewing and technology.
Tariq Javaid added: “There is an excellent complementary fit between both businesses. We have every confidence that Adastra Access’s management team will continue the great work that Stewart and his team at Yorkshire Hoist have achieved.
“It was a pleasure to work on this deal, securing positive outcomes for all concerned and the future opportunities for a successful Yorkshire business and its employees.”
Sandip Khroud, partner from Leeds-based legal business Gateley Plc, acted on behalf of the sellers and Nottingham law firm Browne Jacobson acted for the buyers.
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