Lakehouse Group adds lift services firm to growing portfolio
Lakehouse has bought lift services firm Precision for an initial £5.5m.
The firm said the acquisition will create “new opportunities for collaboration” and help it offer more services to local authorities and housing associations.
Precision’s 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 £11.6m in the year ending 31 August 2014, with a pre-tax profit of £500,000.
Under the terms of the takeover, Lakehouse will initially pay £5.5m, with a further £3m payable dependent upon Precision’s financial performance up to 30 September 2018.
As a result of the acquisition, Lakehouse’s total headcount will rise to over 2,400.
Commenting on the takeover, Stuart Black, executive chairman of Lakehouse, said: “This acquisition meets with our strategic objectives of buying complementary businesses which enhance our existing services – in this case within the Compliance division.
“This is another positive step in the Group’s strategy of acquiring successful businesses and enhancing our strong organic growth.”
Graham More, managing director of Precision, said: “After 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.
“The deal opens up new growth opportunities for Precision as we benefit from the greater reach of the Group and its enhanced business infrastructure.”