Market insight: The access, height and lifting solutions sector

Enjoying sustained growth, the UK access, height and lifting solutions industry is scaling new peaks of M&A activity.

To define this industry, it comprises companies that provide equipment, services and technology for working at height, material handling, and lifting operations.

This includes mobile elevated work platforms (MEWPs), cranes, hoists, scissor lifts, telehandlers, forklifts, suspended access systems and fall protection solutions. The sector serves industries such as construction, infrastructure, warehousing, manufacturing, logistics, utilities and maintenance.

It is a sector driven by stringent safety regulations, increasing urbanisation, infrastructure expansion, automation and demand for efficiency in material handling. Innovations in electric and hybrid lifting equipment, telematics and autonomous lifting solutions are shaping the industry’s future. The shift towards sustainable and low-emission lifting solutions is also influencing purchasing decisions.

Current landscape

The global aerial work platform market size was valued at $19.01bn in 2023 and is expected to grow from $20.7bn in 2024 to $40.95bn by 2032, at a CAGR of 8.9% during the forecast period (2025-2032).

This growth can mainly be attributed to the rise in the construction industry. Development of infrastructure for homes, offices etc has increased demand for lifting solutions. The practicality and effectiveness of Aerial Work Platforms (AWPs) have been developed thanks to technological developments. Innovative features such as telescopic booms, flexible arms, self-levelling abilities and modern control systems are being incorporated by manufacturers.

Private equity and trade buyers are both active in this sector and firms are currently aiming to gain a global foothold through international acquisitions.

Market insight

The overall deal market for this sector is in a dynamic phase of consolidation and growth. Confidence in the sector is high, underpinned by strong demand fundamentals. Dealmaking trends indicate trade buyers and investors view the industry as poised for long-term expansion, with one major insight being the resilience and adaptability of the rental model.

Furthermore, leading operators have invested heavily in cross-border mergers and acquisitions. Historically, the industry had more nationally-bound companies, whereas more recently firms have gained an international foothold. For example, the world’s largest rental equipment company, United Rentals, has entered Europe, while European groups are spanning multiple countries.

The aerial work platform market had 38.5% market share in 2024, predominantly accounted for by lifting solutions in the construction industry, specifically on residential projects, commercial spaces and infrastructure.

Scissor lifts contributed to a 41.5% share of the aerial work platform market in 2024 due to their functional flexibility. The scissor-style lifting mechanism is economical with space and allows the lift to easily manoeuvre around confined working areas.

Key trends

Technological Advancements: Firms have been actively investing into R&D to broaden their capabilities and integrate advanced technologies, such as automation and IoT, into their equipment to enhance safety and efficiency. Additionally, manufacturers have sought to acquire intellectual property and technology – for example, Manitou’s purchase of the IP of ATN Platforms to bolster its aerial lift designs.

Consolidation: Large rental groups and manufacturers are pursuing acquisitions to scale up and broaden their reach. For example, France’s Kiloutou made three acquisitions in Spain in 2024 to expand its branch network, while United Rentals used M&A to extend its US and European presence.

Diversification: Strategic buyers are branching into adjacent niches via M&A. For example, Sunbelt Rentals UK (Ashtead Group) acquired film and TV equipment specialist JLL Group in 2024, aiming to offer a wider range of specialist solutions beyond construction. Rental companies are also investing in sustainable energy and power solutions.

Key drivers and motivations for acquirers

Geographical Expansion: Access, height and lifting solutions firms have been utilising M&A to enter new regions and strengthen their market share in existing ones, for example international group Loxam’s UK subsidiary Nationwide Platforms acquired local competitors UK Platforms Ltd to gain a larger customer base.

Product Line Diversification: Many acquirers seek to broaden their offering and add new equipment categories via M&A. AFI’s acquisition of spider-lift specialist MBS Access allowed the Yorkshire-based group to enter the niche market for compact tracked lifts. Trade buyers also acquire manufacturers or tech providers to integrate vertically.

EBITDA multiple ranges

In the UK, EBITDA multiples for company sales in this industry typically range from 5x-12x, depending on market positioning, asset utilisation and contract stability. Key valuation trends include:

Equipment Rental and Leasing Companies (MEWPs, Cranes, Forklifts): Rental firms typically see 6x-10x multiples, with premium valuations for those with modern fleets, high utilisation rates and strong maintenance programmes.

Manufacturers and Distributors of Lifting Equipment: Businesses producing or supplying cranes, hoists, MEWPs and handling systems tend to achieve 7x-12x multiples, particularly if they have proprietary technology or strong OEM partnerships.

Height Safety and Fall Protection Solutions: Companies specialising in PPE, fall arrest systems and safety training trade at 6x-10x multiples, benefiting from increasing regulatory enforcement.

Service and Maintenance Providers: Businesses offering inspection, repair and compliance testing for lifting equipment tend to see 5x-9x multiples, with higher valuations for firms holding regulatory accreditations.

Automation and Smart Lifting Solutions (IoT, AI, Robotics): Companies leveraging AI, remote monitoring and automated lifting systems achieve 8x-12x multiples due to the scalability and high-margin nature of technology-driven services.

Factors driving higher valuations and EBITDA multiples

Several factors influence valuations in this sector, with a strong focus on asset efficiency, contract stability and regulatory compliance.

1. High utilisation and recurring revenue models

• Rental and leasing businesses with long-term contracts and high equipment utilisation achieve premium valuations due to stable cashflows.
• Subscription-based service contracts for maintenance and inspections also drive higher multiples.

2. Modern and sustainable equipment fleets

• Companies investing in electric, hybrid or low-emission lifting equipment see stronger valuations due to regulatory trends and customer demand for sustainability.

3. Safety and regulatory compliance

• Firms with ISO certifications, LOLER (Lifting Operations and Lifting Equipment Regulations) compliance, and PUWER (Provision and Use of Work Equipment Regulations) accreditation command higher valuations due to regulatory trust.

4. Technological innovation and digital integration

• Companies incorporating IoT-enabled equipment tracking, AI-powered predictive maintenance and autonomous lifting solutions achieve higher multiples due to efficiency and scalability.

5. Market position and customer base

• Firms with diverse industry exposure (construction, logistics, industrial), strong OEM relationships and national/global reach attract higher valuations.

6. Private equity and consolidation trends

• The sector is seeing increasing M&A activity with private equity firms acquiring rental and service businesses to consolidate and scale operations.

7. Geographic expansion and infrastructure demand

• Companies operating in growing infrastructure markets, renewable energy projects and high-rise urban development attract premium valuations due to long-term demand.

Which factors are driving growth?

Infrastructure

• The UK has undertaken significant infrastructure projects in recent years. These projects require extensive lifting solutions, from aerial platforms for building construction to lifting equipment for bridge and rail maintenance. Public sector investment, partly through programmes like the National Infrastructure Strategy, has increased demand. 

Regulatory Standards

• The UK and Europe have stringent health and safety regulations for working at height, e.g. the Work at Height Regulations. The use of proper access to prevent falls is strongly enforced. This regulatory environment encourages companies to rent modern access platforms and invest in better solutions.

Environmental and Sustainability

• A shift towards more sustainable construction practices in the industry is happening in the UK. Renting equipment aligns with sustainability goals and ensures equipment is up to date with the latest emissions standards. Additionally, the rise of green energy projects, offshore wind farms, solar farms etc is a new avenue of growth. These projects need lifting solutions for installation and maintenance. Moreover, companies such as Axel Johnson International Lifting Solutions have specifically targeted rental services for wind power as an area for growth. Demand has also increased for electric and hybrid aerial machines. New models provide longer use times and quicker charging capabilities, addressing previous concerns. Hybrid models are also available, offering greater flexibility.

Customer Needs

• Customers are seeking lifting solutions that can haul heavier loads whilst remaining compact. This is due to seeking increased efficiency, allowing greater loads to be carried and fewer movements. Furthermore, compact solutions provide greater accessibility and versatility in tight work areas.

Strategic interests of private equity and investment buyers

The access and lifting sector, especially in the UK and Europe, remains fragmented, with many regional and family-owned operators. There are opportunities to buy-and-build, creating value by consolidating smaller players into a larger group. By acquiring a platform company and then executing bolt-on acquisitions, PE firms can rapidly grow EBITDA and achieve economies of scale.

What types of businesses are strategic acquirers pursuing in this sector?

Niche specialists: Companies specialising in a particular segment of the market are much sought after. This includes a product niche (e.g. companies focusing on truck-mounted lifts, spider lifts, lifting gear hire etc) or a sector niche (e.g. firms serving wind turbine maintenance, powerline access or infrastructure inspections). Acquirers pursue such specialists to broaden their portfolio.

Companies with technical capabilities/IP: Manufacturers or service providers with proprietary technology, patents or safety systems are targets for strategic buyers looking to enhance their product range.

Which companies has KBS sold in this sector?

Lifting Gear & Safety acquired by Axel Johnson International

A provider of specialist lifting equipment services, primarily offering hire, sale and servicing solutions, Bristol-based Lifting Gear & Safety joined Swedish company Axel Johnson International as part of its growth-by-acquisition strategy.

UbiQ Group acquired by British Engineering Services

Stoke-based UbiQ, which specialises in access solutions for those working at height or in challenging settings, was sold to BES, further enhancing its suite of end-to-end risk management solutions.

Tusk Lifting acquired by First Integrated Solutions

Tusk Lifting, which has four depots in northern England and Scotland, was sold in a seven-figure deal which meant the combined business employed over 100 people across five sites with a turnover of more than £15m.

Humberside Lifting acquired by Bowers & Bowers

A Scunthorpe-based specialist in the supply, maintenance and repair of industrial lifting and height safety equipment, Humberside Lifting was sold to father-and-son duo Malcolm and Ben Bowers, who are vastly experienced in the access industry.