Edward Lowton
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Briggs buys main rival Barloworld Handling UK
25 January 2013
In a major consolidation of the UK forklift supplier market, Briggs Equipment UK has agreed to buy Barloworld Handling UK for £36 million.
In a major consolidation of the UK forklift supplier market, Briggs Equipment UK has agreed to buy Barloworld Handling UK for £36 million.
Briggs Equipment is the exclusive UK dealer for Yale branded forklifts, while Barloworld is the exclusive supplier of Hyster models. The Yale and Hyster brands are virtually identical and both are owned by US forklift manufacturer NACCO.
The deal sees Briggs Equipment effectively doubling its scope for operation, as well as greatly increasing its workforce.
Richard Close (pictured), CEO for Briggs Equipment UK, said: “This move reflects the aspiration of Briggs to invest, grow and expand; building on our platform of success since the Yale UK acquisition two years ago.â€
In a statement, Barloworld said it had finalised agreements to sell its UK materials handling business to Briggs Equipment and confirmed the purchase price as approximately £36m (R465m). The cash will be used by Barloworld to repay debt and partially fund growth opportunities.
Ralf Mock MD NACCO Materials Handling Group EMEA added: “The addition of the Hyster brand, combined with Briggs' expertise and focus on sustainable growth in the highly competitive rental market in the UK, will undoubtedly deliver unrivalled service with award winning products, delivered by passionate industry experts.
“Barloworld is a long standing and valued partner of NMHG and will continue to work in partnership with Hyster on dealerships in other territories.â€
Briggs Equipment is the exclusive UK dealer for Yale branded forklifts, while Barloworld is the exclusive supplier of Hyster models. The Yale and Hyster brands are virtually identical and both are owned by US forklift manufacturer NACCO.
The deal sees Briggs Equipment effectively doubling its scope for operation, as well as greatly increasing its workforce.
Richard Close (pictured), CEO for Briggs Equipment UK, said: “This move reflects the aspiration of Briggs to invest, grow and expand; building on our platform of success since the Yale UK acquisition two years ago.â€
In a statement, Barloworld said it had finalised agreements to sell its UK materials handling business to Briggs Equipment and confirmed the purchase price as approximately £36m (R465m). The cash will be used by Barloworld to repay debt and partially fund growth opportunities.
Ralf Mock MD NACCO Materials Handling Group EMEA added: “The addition of the Hyster brand, combined with Briggs' expertise and focus on sustainable growth in the highly competitive rental market in the UK, will undoubtedly deliver unrivalled service with award winning products, delivered by passionate industry experts.
“Barloworld is a long standing and valued partner of NMHG and will continue to work in partnership with Hyster on dealerships in other territories.â€
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