Elysian Capital I LP Acquisition of Access Hire Nationwide Limited and Welfare Hire Nationwide Limited
Elysian Capital I LP has acquired, in conjunction with the company’s management, Access Hire Nationwide Limited (“AHN”) and Welfare Hire Nationwide Limited (“WHN”). This is the eighth platform deal in the Elysian Capital I LP Fund and the fourth acquisition made by Elysian in the last 18 months.
AHN is the market-leading player in the hire of high quality, specialist powered access and welfare vehicles in the UK. It provides Vehicle Mounted Access Platforms (“VMAPs”) to end use markets in infrastructure maintenance such as power, street lighting and telecoms. Only a third of the market is currently serviced through outsourced rental fleets with the remainder being serviced by in-house fleets. Growth in the available market for rental VMAPs will be driven by growth in its end user markets and increased rental penetration. The end user market is driven by the increased efficiency of using mobile access platforms and health and safety legislation regulating for safer working conditions at height.
WHN is a strongly growing business which provides mobile and static welfare pods (temporary eating and washroom facilities for workers) on short to medium-term hire contracts. Welfare demand is primarily driven by two end sectors: construction and rail and highway maintenance and upgrading. Welfare vans double as both welfare accommodation units and transportation for teams to and from sites. WHN provides larger mobile (towed) or static units. The market is primarily driven by health & safety regulations with employers now required to provide a reasonable working environment for their employees.
All the AHN vehicles are managed from a single site in Normanton, near Wakefield while mobile and static welfare units, under WHN, are located at a single site in Monmouth, South Wales. The business has been acquired from a shareholder group headed by David Wraith, who was non-executive Chairman and founder of the businesses.
Ken Terry, CEO at Elysian Capital said “We are delighted to be working with John and his team on this exciting opportunity. The management have done an excellent job in building the AHN business into the UK market leader in the Vehicle Mounted Access Platform sector and establishing WHN as a fast growing provider of safe and high quality welfare units for workers’ off-site requirements. We are keen to work with the management and invest to continue to grow the business in to complimentary areas to further service our customers”.
John Wood, CEO of AHN Limited and WHN Limited said, “We are very pleased to have concluded this acquisition with Elysian Capital who share our vision for the future growth and development of our market leading businesses. AHN and WHN provide a critical service in support of the UK construction and infrastructure sectors. We believe that, with the help of Elysian Capital, we can expand the range, quantity and quality of products we offer and improve the services we provide to our customers. Our Vans and Welfare units are critical in providing UK infrastructure workers with safe, comfortable and efficient working facilities”
Elysian Capital was advised by KPMG (corporate finance); Addleshaw Goddard (legal); PricewaterhouseCoopers (financial, Commercial, tax due diligence and tax structuring); Aon Group (Insurance), Praxis (environmental) and Edward Symons (Valuation); Management were advised by DLA Piper (legal) and the vendor was advised by PricewaterhouseCoopers (Corporate Finance) and Brabners (legal). Senior Debt and Working Capital Facilities were provided by HSBC Leveraged Finance.
For further information, please contact
ELYSIAN CAPITAL LLP (www.elysiancapital.com)
Elysian Capital is an independent private equity fund specialising in the UK lower mid-market. The management team combines entrepreneurial and business operational competence with an experienced private equity and leveraged debt capability, providing the full range of skills needed to make and develop successful investments in Elysian Capital’s target markets.
- UK businesses with EV of up to £100 million
- Concentrated portfolio – maximum of 8-10 investments
- Regional coverage – offices in London and Leeds
- Focus on family or entrepreneur-led businesses needing support and financing – for growth
- Target return of more than 3x on investment
- Significant Fund commitment of £25 million by Elysian Capital’s partners
This transaction represents Elysian’s eighth portfolio investment in Elysian Capital I LP.