02.09.2016

Cadman Cranes acquired

UK rental company Cadman Cranes has been acquired by precast concrete manufacturer Milbank Concrete Products.

The crane business will continue to operate as a stand-alone business under Milbank opwnership. The Colchester, Essex, based company was established by the Cadman family in 1976 with the purchase of a 16 tonne Coles telescopic, quickly adding a seven and two 25 tonne Coles cranes the following year. The two Cadman brothers, Brian and Geoff had been operating a business providing operated earthmoving equipment since 1959.

Cadman, which is still owned by the Cadman family now runs a fleet of 22 cranes and has worked with Milbank for many years. Geoff Cadman, now 69, will remain with the business for a transition period. No details of the transaction were revealed, but the latest accounts on file show that the company had net assets of around £2 million.

Millbank managing director Andy Mayne said: “We are thrilled to welcome Cadman Cranes into the Milbank group, the acquisition will allow us to build on a successful period of strong and consistent growth. Combining our specialist skills with Cadman’s experience and our joint client base means we are in the best position to bolster our presence within the construction industry”

Chairman Sean Milbank added: “I am very much looking forward to working alongside Cadman’s management team and dedicated staff. As I am sure that the skills that both companies possess will allow us to improve our services to our customers. We were flattered when Geoff Cadman approached us to see if we would be interested in acquiring his business. Geoff wanted to ensure that if he sold the business, that operations would continue and his loyal staff would be looked after.”

“The board considered that Cadman Cranes specialist skills, client base and business infrastructure would provide the ideal platform for us to capitalize on the growth opportunities from within the UK construction industry as well as branch out into other sectors.”