Briggs to buy Barloworld
NACCO Materials Group (NMHG) has announced the proposed acquisition of assets and facilities of Barloworld Handling UK by Briggs Equipment UK Ltd for a figure in the region of £36 million. The transaction is expected to close by 30th September.
Barloworld Handling UK is the exclusive Hyster dealer for materials handling products in the UK. Briggs Equipment UK Ltd. is the exclusive UK dealer for Yale Europe Materials Handling products. With this acquisition, Briggs will take over sales and service of both the Hyster and Yale brands of lift trucks in the UK, including Northern Ireland. The proceeds of the sale would be used to repay debt and partially fund certain organic and acquisitive growth opportunities by Barloworld group.
Ralf Mock, MD NACCO Materials Handling Group EMEA, said: “The addition of the Hyster brand combined with Briggs’ expertise and focus on sustainable growth in the highly competitive rental market in the UK, will undoubtedly deliver unrivalled service with award winning products, delivered by passionate industry experts. On completion, this acquisition will position Hyster and Yale with the largest, multi-skilled engineering workforce in the UK, delivering an enhanced service solution for their customers. Barloworld is a long standing and valued partner of NMHG and will continue to work in partnership with Hyster on their dealerships in the Netherlands, Belgium and South Africa.”
Richard Close, CEO for Briggs Equipment UK, said: “This agreement demonstrates our unwavering commitment to the UK market; growing strategically and dynamically over and above our competitors. This move reflects the aspiration of Briggs which is to invest, grow and expand; building on our platform of success since the Yale UK acquisition two years ago.”
Briggs Equipment UK Ltd, a Sammons Enterprises Inc. company, is a subsidiary of Briggs International. Briggs International has dealerships of Yale and Hyster products across the southern United States and in Mexico. Both Hyster Company and Yale Materials Handling Corporation are operating divisions of NACCO Materials Handling Group.
