KBS Corporate Advises on Acquisition of Formby Tool Hire
Formby Tool Hire is a holistic equipment hire company serving a range of sectors operating from landscaping to welding. The business is well-established and based in Merseyside.
The owner of Formby Tool Hire instructed KBS Corporate with the sale of their business in order to facilitate their retirement plans. A thorough research strategy was implemented, with a preference for trade buyers in line with our client’s requirements. This resulted in high levels of interest particularly from UK trade buyers, with some interest from Private Equity and Overseas trade buyers.
The ultimate buyer was the Smiths Hire Group as a synergy purchase. The company currently includes several branches within the North West however, they wish to expand their geographical reach to include Formby making Formby Tool Hire an ideal acquisition. The business benefits from a rich history with over 150 years’ experience in the industrial sector.
Simon Thompson of Formby Tool Hire noted, ‘’Smiths Equipment Hire are a great outfit and will no doubt offer great prospects to all Formby Tool Hire customers and staff, I am very pleased with the outcome and I am sure Formby Tool Hire will provide a great platform to take Smiths Equipment Hire from strength to strength. We look forward to working with David Smith and, Thomas Smith and their team.’’
The deal was overseen by Jacob Lord, KBS Corporate Deal Executive, who commented, “Simon Thompson from Formby Tool Hire was an absolute pleasure to work with and Smiths Equipment Hire was very professional throughout. They outlined a specific timetable for proceedings and were very to the point in their discussions. The acquisition is perfect for both parties as Smiths gain an invaluable foothold in Formby to continue their expansion in the North West, whilst my client reaches retirement and a perfect home for his current staff whom have served Formby loyally for many years. I have no doubt the addition of Formby Tool Hire to Smiths Equipment Hire will yield positive results for all parties and I wish them the best of luck for the future.”