12.07.2007

Ray Ledger moves into Kimberly

Ray Ledger has lead a buy-out by the management team at Stoke (UK) based Kimberly Access in a deal completed last night.

The majority shareholder, Gary Smith who has sold out, has always made it known that when he came to sell the business his preference would be via a Management Buy Out funded by LDC.

Smith started Kimberly 13 years ago with Peter Piekarus and was the 15th largest access rental company in the UK and Ireland according to the 2006 C&A top 30. The company has a fleet of over 900 aerial lifts and 50 telehandlers with revenues in the region of £11 million..

Smith worked with Ledger in the 1980's at PTP then part of BET and has said that he could not think of anyone he would prefer take over his role at the company. “Kimberly is 'my baby' and I could not think of anyone I would prefer to adopt it than Ray”

Nothing is expected to change at Kimberly in the short term, Ledger will simply step into Smith’s shoes as chairman this morning while Piekarus continues in his role as managing director.
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(L-R)Neil Meredith, of KPMG, Andy Lyndon of LDC, Peter Piekarus and Ian Mayland of Kimberly Access and Paul Figgins of LDC.

The ownership of Kimberly was split between Smith and his family with 76 percent and Piekarus with 24 percent. Piekerus has sold a portion of his shares to the MBO but retains a substantial holding in the business.

Ray Ledger who is 59, has been a big name in the UK crane and access business for many years, having spent time in senior management posts at Hewden Stuart, Scott Greenham, PTP and most recently Ainscough crane hire which he left in February 2003.
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Ray Ledger

After leaving Ainscough he has been CEO of Pump rental company the Longville group, formerly SLD. He sold his interest in that business at the end of 2006 and after a very short flirt with the idea of retiring, has been looking for a buy-in opportunity since then.

Vertikal Comment

Smith and Piekarus have built Kimberly into a solid and profitable business since they opened the doors in 1994. Today the company is the sixth largest privately held access rental company in the UK.

With Ledgers strengths in the private equity market and his strong pricing and organisational disciplines this move is likely to position the business well for further growth.

LDC is a long term private equity investor and is likely to prove open to both organic or acquisition led growth opportunities.