19 Jul 2017 AFI Acquires Kimberly Rentals Group
Rutland is pleased to announce that AFI has acquired Kimberly Rentals Group (‘Kimberly’). This deal further strengthens AFI’s position within the powered access equipment rental sector bringing its annual turnover to nearly £100m. The acquisition will bring the number of machines in the Group’s rental fleet to over 7,000.
AFI recorded an impressive performance in the year to December 2016, with turnover up c.19% to £75m and a record number of trading customers across the Group. Growth within the Group has been achieved both organically, with the opening of new depots in the Middle East, and through the acquisition of Rapid Platforms in October 2016. Trading this year has continued to be encouraging, with strong year on year growth and the Group continuing to invest in its people and service levels systems to build its presence in both the UK and Middle East.
Kimberly, also a leading business in the UK powered access rental market, was established in 1994. It has six depots across the UK, including London, the North West, Yorkshire and Scotland, and during 2016 saw turnover of c. £13m.
David Shipman, Chairman of AFI, commented: “2016 and 2017 have been significant years in the development of our growth story as we continue to build our position in the powered access equipment rental market. We are delighted to be acquiring the business and assets of Kimberly, further strengthening our offering geographically, and increasing the diversity of our rental fleet.
David added: “Our robust financial results for 2016 demonstrate our continued momentum as we strengthen our position as the UK’s largest independently owned powered access equipment rental, training and sales business. A strong focus on providing superior fleet availability with good customer service, has created a strong foundation for the Group to continue growing.”
Oliver Jones, Rutland Partners, commented: “We are delighted to be supporting AFI in this acquisition, which will further strengthen the UK business and provide the Group with a robust platform for future growth.”