Crane services acquired by REEL
Benchmark International has successfully advised the shareholder of Crane Services on the sale of the company to REEL for an undisclosed sum.
Overhead crane specialists, Crane Services has over 55 years experience providing various products and services covering the design, manufacture, maintenance and repair of overhead lifting related products.
French-based industrial and overhead crane and platform specialist, REEL was founded in 1945 has revenues close to €500m, employing 1,800 and has a strong focus on the aviation, defence, metals, nuclear power and offshore industries.
REEL have decided to maintain the Crane Services brand in addition to the Company’s existing UK operational base in Stourbridge. The deal follows the decision of managing director Rob Lewis to retire who will now assist with the merger of the two companies over the next 12 months.
Commenting on the deal, Rob Lewis noted: “I am at the stage in life where I want to enjoy my retirement. I have for some time been thinking about succession. The lifting equipment industry is far more complex and technically challenging than it was when I started all those years ago. It’s time for a younger generation to take the Company forward.
“Having made the decision that it was the right timeto sell, I couldn’t have been a better match. REEL is a French family run business with similar ethics and values to us here at Crane Services. All of their products and services are bespoke and they operate in similar markets to us, but on a far larger scale. Eager to expand their UK operations, we are the ideal fit. It already feels like they are our long lost parents.”
REEL (UK) managing director Howard Dixon added: “We are both delighted and excited by our acquisition. Crane Services has a great heritage in the UK. It is our goal to continue providing the highest level of service during this time and we look forward to a long and mutually beneficial relationship with our customers.“
Benchmark International would like to thank everyone involved and wish them the very best of luck for the future.