Equistone Partners Europe Limited, one of Europe’s leading mid-market private equity firms, has exited its Fund II investment in AFI-Uplift, the powered access equipment company, in a transaction that involves the simultaneous acquisition of two smaller businesses at a total deal value of £85m.
The transaction sees Rutland Partners acquire a majority stake in AFI-Uplift. AFI has also acquired two separate but complementary businesses: Hi-Reach and Access Rental Gulf. Wakefield-based AFI is a leading provider of powered access machines to a range of sectors including construction and infrastructure maintenance. It also provides training and machine maintenance services.
AFI has enjoyed organic and acquisitive growth since Equistone invested in the business in 2006. Turnover has grown from £20m to £32m in 2012 and Equistone has backed AFI in a series of bolt-on acquisitions to increase its UK footprint and service offering.
