UK based lifting gear supplier, Lifting Gear UK, has been acquired by Swedish industrial investment group Axel Johnson International from the owners the Turner family and Andrew Stafford.
Lifting Gear UK was established in 2007 and operates from 12 locations, renting out a wide range of lifting tackle, as well as customer manufacturing rigging gear. It had revenues in 2020 of £8.4 million, with a pre-tax profit of £1.38 million. Total assets at the end of 2020 were £9.7 million.
Axel Johnson owns 150 countries in six divisions, Lifting Solutions, Driveline , Fluid Handling, Industrial, Power Transmission and Transport Solutions, in 30 countries with a total revenue of €1.14 billion. The Lifting Solutions division was established when the first acquisition was made in 2005. Today it has 22 companies covering products from wire rope to chains and overhead cranes, with a combined revenue of €330 million.
Ralf Wiberg the managing director, of Axel Johnson’s Lifting Solutions division said: “We are very enthusiastic about this…
