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Lifting Gear Hire Limited Sold to Speedy Hire plc

October 2006 £14m

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exit strategy

Project Runway

October 2006 £14m

About the client

Lifting Gear Hire is a North West based equipment hire firm, operating from 34 depots, with 335 employees across the UK. In addition to equipment hire, the business specialises in associated services including the repair, maintenance, testing and inspection of lifting equipment.

About the deal

"Rickitt Mitchell advised the shareholders of Lifting Gear Hire on its sale to Speedy Hire PLC.

Speedy Hire made an initial payment of £7.6m in cash and £2.5m in shares for the firm, taking on £3.4m of debt."

"Rickitt Mitchell managed a complex process spanning several years including the renegotiation of a defined benefits pension scheme in order to effect the sale to Speedy Hire plc."

Paul Mitchell| Chairman | Rickitt Mitchell