Home >Briggs buys main rival Barloworld Handling UK for £36m
Briggs buys main rival Barloworld Handling UK for £36m
12 December 2012
In a major consolidation of the UK forklift supplier market, Briggs Equipment UK, the exclusive UK dealer for Yale Europe Materials Handling products, has executed a purchase agreement to acquire Barloworld Handling UK assets.
Completion is expected to occur no later than 30 September 2012 at which time Briggs will have responsibility for sales and service of both the Hyster and Yale brand of lift trucks in the UK.
This acquisition will position Briggs with the largest, multi-skilled engineering workforce in the UK, delivering an enhanced service solution for its customers.
Richard Close, CEO for Briggs Equipment UK, said: â€œThis agreement demonstrates our unwavering commitment to the UK market; growing strategically and dynamically over and above our competitors. This move reflects the aspiration of Briggs which is 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 who will acquire Barloworld's assets and represent the Hyster forklift brand in the UK including Northern Ireland.
The purchase price approximates tangible net asset value and will realise cash proceeds of approximately GBP36 million (R465 million). The cash proceeds will be used by Barloworld to repay debt and partially fund organic and acquisitive growth opportunities for the group.
Ralf Mock MD NACCO Materials Handling Group EMEA said: "The addition of the Hyster brand combined with Brigg's 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. On completion, this acquisition will position Hyster and Yale with the largest, multi-skilled engineering workforce in the UK, delivering an enhanced service solution for their customers.
"Barloworld is a long standing and valued partner of NMHG and will continue to work in partnership with Hyster on their dealerships in the Netherlands, Belgium and South Africa."
Briggs Equipment UK, a Sammons Enterprises Inc. company, is a subsidiary of Briggs International. Briggs International has dealerships of Yale and Hyster products across the southern United States and in Mexico. Both Hyster Company and Yale Materials Handling Corporation are operating divisions of NACCO Materials Handling Group.