Sale of a Lift Installation, Service and Maintenance Company in Ireland
A highly respected, independent elevator lift installation and service company with a long trading history had built a wide portfolio of loyal customers, some of which have been with the business since inception.
The company specialised in the installation of new Passenger lifts, Goods lifts and Service lifts, throughout Ireland and had a thriving customer base, spanning diverse sectors consisting of the public sector, blue-chip companies, hospitality, commercial, industrial, educational institutions, residential and retail.
The company had a dedicated longstanding team of office and field-based staff, was highly profitable and accredited to ISO 9001 standards and the European Lift Directives.
The Situation
The Vendors, having built the company to robust levels of profitability and reputational excellence within the industry, had reached a point where they were ready for retirement. When the owners of this business first approached Hornblower through our website, they were keen to offer the business for sale to the right acquirer with the ability to take the business to the next stage of growth, emphasising their willingness to assist the buyer as required to facilitate handover of the business in the short term.
It was clear from the outset that the size and stage of the business required an acquirer of substantial means and experience. The ideal acquirer was anticipated to be an established, specialist market player with a view of purchasing our client’s more regional lift maintenance business in Ireland as a bolt-on to its existing operations globally.
The marketing of the company attracted a great deal of interest, which required Hornblower to be rigorous in terms of selection.
The Outcome
The marketing process was a little protracted as Hornblower filtered through the various expressions of interest to ensure that potential acquirers aligned with the determined strict criteria.
The strategy of taking a patient approach eventually paid off with the emergence of the eventual purchaser. The acquirer is an international brand and is one of the largest lift companies in Europe and a specialist in the repair, maintenance, and refurbishment of lifts. The acquiring company already owned lift companies across Europe and had also purchased a number of lift companies in Ireland, making the acquisition of our client’s lift services business an ideal and valuable addition to the expanding brand.
The deal was managed by our Business Sales and Acquisitions Consultant, Julian Caplin. Julian manages business sales for Hornblower across Ireland and Northern Ireland. The vendors were also legally advised by the Dublin-based firm, HBMO Solicitors LLP.
SOLD – May 2023
It is always nice to have client feedback like this: “Thanks again for everything you were always there with reassurance & advice at every twist & turn & made the whole experience much more manageable for us!”
