20.12.2021

Axel Johnson acquires Lifting Gear UK

UK lifting gear supplier, Lifting Gear UK, has been acquired by Swedish industrial investment group Axel Johnson International from the Turner family and Andrew Stafford.

Lifting Gear UK was established in 2007 and operates from 12 locations, renting out a wide range of lifting tackle, as well as custom manufacturing rigging gear. It had revenues in 2020 of £8.4 million with a pre-tax profit of £1.38 million. Total assets at the end of 2020 were £9.7 million.

Axel Johnson owns 150 companies that make up its six divisions: Lifting Solutions, Driveline , Fluid Handling, Industrial, Power Transmission and Transport Solutions. It operates in 30 countries and has total revenues of €1.14 billion. The Lifting Solutions division was established when the first acquisition was made in 2005. Today it has 22 companies covering products from wire rope to chains and overhead cranes, with a combined revenue of €330 million.

Ralf Wiberg, managing director of Axel Johnson’s Lifting Solutions division, said: “We are very enthusiastic about this opportunity to expand our offering within the lifting rental market, which we believe will be a corner stone in our future growth and increased focus on sustainable customer offers. Lifting Gear UK has a well-established brand and dedicated co-workers with a can-do attitude that we believe will contribute significantly to our group.”

Lifting Gear managing director, Andrew Harrison, added: “Becoming part of Lifting Solutions group will provide us with an excellent platform to further expand our presence and streamline our supply chain. We are looking forward to working closer with the group to further enhance our excellent customer service.”

Founder and outgoing owner Chris Turner said: “I believe that Axel Johnson International is the ideal owner to help grow Lifting Gear UK’s business and brand recognition. I am confident that the group’s culture and knowledge of the industry will support further growth of the company.”