HIG has acquired Yorkshire lift maintenance specialist Classic Lifts Limited for an undisclosed sum.
The Classic Lifts acquisition comes just three months after it bought Cambridgeshire-based CPS Building Services. HIG said then that intends to use CPS (formerly Cambridge Piped Services) to form the core of a wider technical building services group by acquiring businesses in fire protection, water and pumps, lifts maintenance, access and security, and associated compliance services. [See our previous report here.]
Classic will now form the core of the lift installation and maintenance offering within the group. Classic Lifts’ current management team will reinvest alongside HIG. The financial terms of the transaction have not been disclosed.
Classic Lifts provides lift installation and maintenance services from seven branches across the UK. Under the ownership of Keith and Ian Snow, in 2021 it made a pre-tax profit of £2.4m on £24m turnover.
Chief executive Keith Snow said: “We are very pleased to be joining HIG as they work to build a leading technical building services group that shares our focus on customer service. This is the start of the next phase of growth for Classic as we look to continue our M&A strategy and build on customer relationships across both Classic and CPS.”
HIG’s Jonathan Simpson-Dent is executive chair of CPS and now Classic. He said: “Keith and his team have built Classic into a leading national lift servicing business over the course of the past decade with a demonstrated track record of delivering quality to Classic’s customers. I’m excited to be working with Keith and his team to drive further growth at Classic and to continue our acquisitive technical services growth strategy.”
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