Santander Corporate & Commercial has provided Windsor Materials Handling with a £3.3m facility to acquire rival forklift supplier Geolift.
Hull-based Windsor is a supplier to major materials handling manufacturer, including Doosan, Baumann, Komatsu, Kalmar, JLG and Unicarriers. It provides forklift sales, servicing and hire to clients such as Cargill, British Sugar and Novartis. The company has grown revenues threefold over the past ten years, from £8.5m to £24m.
Geolift, based in Southampton, has been servicing the region for three-and-a-half decades. Its acquisition forms part of Windsor’s strategy to expand across the UK by acquiring new branches, catering to “the strong demand for locally-based MHE support”. Windsor already currently has branches in Tyne & Wear, Lincolnshire, Yorkshire and the Midlands.
Gerry Burton, chairman at Windsor Materials Handling, said: “We have gone from strength to strength in a highly competitive business in a contested market, and we have strong aspiration for continued growth and expansion.
“Santander has delivered a competitive solution that has been fundamental in executing our latest acquisition in Southampton, a key market for us and one in which we intend to invest and grow.
“In addition to the local presence we will gain from the Geolift team, we hope to build up our existing customer-base across the South of England, and we plan to invest further in the business in terms of both additional personnel and infrastructure.”
Barry Haslam, relationship director at Santander Corporate & Commercial, said: “We are delighted to be able to support this prestigious Hull-based business as it invests for growth.
“Windsor Materials Handling already has a presence in Chelmsford and Slough but this acquisition will increase its regional footprint and provide access to a key southern port. We are pleased to fund its expansion and will continue to work with the team to deliver specialist expertise and support its development in a high growth market.”