Bradley Hall Holdings, parent company of Ainscough Crane Hire, announced its acquisition by affiliates of TPG Special Situations Partners and Goldman Sachs. For an undisclosed sum the new joint owners have purchased the company from Caird Capital, a Lloyds and Coller Capital joint venture.
Ainscough said it also secured a £105MM ($170 million) asset-based lending facility from Burdale Financial, GE Capital and RBS Invoice Finance, all acting as joint lead arrangers.
The funding is being used to support the company’s recent balance sheet restructuring, which sees the current management team focus on future growth. This includes strengthening the financial position of the Group following a recapitalization of its balance sheet and the conversion of legacy debt into equity.
The business has demonstrated resilience throughout the downturn, focusing strategically on re-engineering the fleet towards “heavy lift” sectors. Significant investment has been, and will continue to be, made in this type of asset. The ABL facility will assist in this regard.
Ainscough, with a fleet of 457 cranes, is the UK market provider in for-hire mobile cranes.