Lakehouse Group adds lift services firm to growing portfolio
Lakehouse has bought lift services firm Precision for an initial 拢5.5m.
The firm said the acquisition will create 鈥渘ew opportunities for collaboration鈥� and help it offer more services to local authorities and housing associations.
Precision鈥檚 services include lift installations and replacements, planned lift servicing, a 24-hour responsive repair service, bespoke design and manufacture, upgrades and modernisation, and disability adaptation work for local authorities and social housing associations in London and the South East.
Based in Upminster, Essex, the 69-strong firm reported turnover of 拢11.6m in the year ending 31 August 2014, with a pre-tax profit of 拢500,000.
Under the terms of the takeover, Lakehouse will initially pay 拢5.5m, with a further 拢3m payable dependent upon Precision鈥檚 financial performance up to 30 September 2018.
As a result of the acquisition, Lakehouse鈥檚 total headcount will rise to over 2,400.
Commenting on the takeover, Stuart Black, executive chairman of Lakehouse, said: 鈥淭his acquisition meets with our strategic objectives of buying complementary businesses which enhance our existing services 鈥� in this case within the Compliance division.
鈥淭his is another positive step in the Group鈥檚 strategy of acquiring successful businesses and enhancing our strong organic growth.鈥�
Graham More, managing director of Precision, said: 鈥淎fter almost 20 years of developing our lift business, now is the right time to advance further as part of a bigger, stronger entity and an integrated compliance offering.
鈥淭he deal opens up new growth opportunities for Precision as we benefit from the greater reach of the Group and its enhanced business infrastructure.鈥�
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