UK’s biggest crane provider sold to operational management
Ainscough Crane Hire has been sold for £255m in a management buyout funded by an integrated debt and equity package from the Bank of Scotland.
The transaction was structured and arranged for Bank of Scotland Integrated Finance by Colin James with support from Neal Edwards, Daniel Appleton, Chris Hopwood and Donald Fowler.
A PricewaterhouseCoopers LLP deal team, headed by Tony Meeke, led the transaction by providing corporate finance advice to the shareholders.
Neil Partridge, Ainscough Crane hire chief executive, said: "The buyout has come at an extremely exciting time for the company, market conditions are buoyant and with the bank behind us we will be able to continue to grow and enhance our market leadership position.
"The entire management team is remaining in place and we are delighted to be going forward with Bank of Scotland Integrated Finance."
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