Lakehouse, the acquisitive construction support services group that floated on the stock exchange in February, has bought a lift installation and maintenance business.
Lakehouse has acquired PLS Holdings Ltd, including Precision Lift Services, for an initial £5.5m, with up to £3m payable by 2018 depending on performance.
Precision’s services include lift installations and replacements, servicing and repair, and bespoke design and manufacture. It also does disability adaptation work for local authorities and social housing associations in London and the southeast.
Lakehouse said that these capabilities complemented its existing gas, water, air and fire protection services within its Compliance division and would create new opportunities for cross-selling more comprehensive compliance services to local authorities and housing associations.
Precision is headquartered in Upminster, Essex and was founded in 1996 by current managing director, Graham More. It has 69 staff, comprising engineers, technical personnel and management and support staff. Mr More will remain with the business following completion of the acquisition.
In the financial year ended 31st August 2014, Precision reported a turnover of £11.6m and profit before tax of £0.5m. Precision had gross assets of £3.3m as at 31st August 2014.
This is Lakehouse’s fifth niche acquisition of 2015 that we have reported on. Lakehouse’s total headcount now rises to more than 2,400.
Lakehouse executive chairman Stuart Black said: “This acquisition meets with our strategic objectives of buying complementary businesses which enhance our existing services – in this case within the Compliance division.
“Precision’s technical expertise and strong track record will allow us to capitalise on growth opportunities in London and the southeast, as well as offering new services to our existing clients throughout the UK. This is another positive step in the group’s strategy of acquiring successful businesses and enhancing our strong organic growth.”
Precision managing director Graham More said: “Joining Lakehouse is great news for Precision and for our clients. We share a commitment to strong growth, quality client service, and making a positive impact in the social housing sector. 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.”