The Challenge
Established in 2018, Aspire Platforms provides access platform hire across the UK, including a range of Boom Lifts/Cherry Pickers and Scissor Lifts, to assist with building or maintenance projects.
The directors of Aspire Platforms, Vincent Rourke and Simon Dunn, established parent company Aspire Group of Businesses Ltd prior to seeking out potential acquisition opportunities to expand on their current footprint in Manchester and Yorkshire. Aspire Platforms were looking to complete an all share purchase acquisition of an alloy tower and aerial lift rental operations company, London Tower Services (LTS), expanding Aspire’s geographical presence to London after just two years in business.
The Solution
Corporate finance advice to Aspire was provided by Leonherman, the firm’s retained advisors, and the lending facility was provided by PMD’s Structured Finance Solutions division. Legal advice was provided by David Easdown and Ryan Tweedale at KnCorporate finance advice to Aspire was provided by Leonherman, the firm’s retained advisors, and the lending facility was provided by PMD’s Structured Finance Solutions division. Legal advice was provided by David Easdown and Ryan Tweedale at Knights. Jerry Scriven, Corporate Finance Partner at Leonherman, comments:ights. Jerry Scriven, Corporate Finance Partner at Leonherman, comments:
“Having worked with Vincent, Simon and the team since Aspire’s inception, we are delighted to have helped them secure this pivotal transaction for the business’s future strategy, particularly in such a challenging deal making environment. We look forward with relish to supporting them on the next stage on their growth journey.”
The Results
With gross assets in the region of £4.5m, LTS has been a well-established and well-known specialist access provider in their industry. The acquisition shows a clear statement of Aspire’s ambition to build their brand and create a national network of specialist access hire services to support their loyal customers across the UK. With an existing fleet of 305 platforms, mostly consisting of self-propelled boom and scissor lifts, it is clear to see that LTS is going to be a great asset to the growing brand and now takes their total machine count to 745.
Vincent Rourke, Founder and Group Manager Director of Aspire Group, comments:
LTS is the perfect partner and this acquisition delivers on all fronts. Firstly, it gives us an excellent geographic location from which to service the wider London and South East market. Secondly, it gives us two well respected businesses and brands with the resources and expertise to offer a comprehensive range of access solutions, from conventional Aluminum Towers to aerial work platforms and specialist products and services to the rail sector.
We are proud to have supported Aspire through the acquisition and to provide a quick turnaround for Vincent and Simon for what was an incredibly important deal for the business’s future growth plans. “It is an exciting time for all at Aspire and we look forward to seeing what the future holds for the Aspire brand and to see how far they spread their national footprint.
Our continued growth and all-round performance in Manchester and Yorkshire, despite the market uncertainty, has been amazing and this has given the Board and our young and dynamic Management Team the confidence to expand into London and the South East. “Working with PMD felt like a breath of fresh air. With a quick turnaround and effortless service, it was great to be supported by a business who were just as passionate about our growth plans as we are.