Goldman Sachs and TPG complete crane hire firm acquisition
Britain's biggest mobile crane supplier has been taken over by a combination of Goldman Sachs and TPG.
Goldman Sachs and private equity firm TPG have completed the transaction to acquire crane hire company Ainscough.
Business negotiations between the two buyers and the crane firm - which was owned by Caird Capital, a joint venture between Lloyds and Coller Capital - have been successfully concluded with the Wigan-based outfit changing hands.
The transaction also secured a £105 million finance facility for Ainscough, which is Britain's largest supplier of portable cranes.
This credit line is being supplied by a combination of Burdale Financial, GE Capital and RBS Invoice Finance.
Ainscough managing director Neil Partridge said: "Our new owners are extremely resourceful and they will encourage our strategic thinking to further develop and grow the business."
The most recent acquisition made by TPG was in a very different sector, as it bought Par Pharmaceutical Companies for $1.9 billion (£1.17 billion) in July this year, a deal that represented a $50 per shareholder cash dividend.