Lonsdale-backed CRSG acquires Swegon Hire UK

Lonsdale acquired a majority stake in CRSG in December 2018, drawing equity from its Lonsdale Capital Partners vehicle, which closed on £110m in 2016.

CRSG now holds more than 75% of Swegon Hire UK shares. The vendor of the company is Sweden-based Swegon Group, which generates €500m in revenues.

The acquirer has two divisions: equipment rentals and temperature control. The latter will acquire Swegon Hire UK.

CRSG is actively pursuing bolt-on acquisitions in both the heating and cooling hire, and commercial refrigeration and catering hire sectors.

Company
Founded in 1996, Swegon Hire UK is based in Andover. The company focuses on delivering specialist heating and cooling rental products and services to a variety of customers across multiple sectors.

The business generated £3.4m in revenues for 2018, up from £1.9m in 2017. It generated an operating loss of £72,043 in 2018, up from £569,245 in 2017.

People
Cross Rental Services Group – Ken Keating (executive chairman).
Swegon Group – Hannu Saastamoinen (CEO).

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• Topics
• Expansion
• UK / Ireland
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• Lonsdale Capital Partners
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• Buy-and-build