Major business boost
AFI has increased the size of its current business by over 50 per cent following an £85m refinancing that has led to the simultaneous acquisitions of access platform hire companies Hi-Reach in the UK and Access Rental Gulf in the Middle East.
The refinancing has been supported by an investment in excess of £30 million by Rutland Partners, which gives them a majority shareholding in the enlarged AFI group. The existing AFI management team have collectively reinvested £13 million.
Hi-Reach has a fleet of 1,500 machines and an annual turnover of £10 million, and Access Rental Gulf has a £4 million annual turnover and a fleet of 400 machines.
AFI’s Nick Selley said: “These developments have increased the AFI group’s annual turnover from around £30m to almost £50 million and our fleet from 3,700 machines to over 5,500.”
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