Elysian acquires AHN and WHN
Elysian Capital has acquired UK-based Access Hire Nationwide (AHN), a provider of access equipment and cherry pickers, and Welfare Hire Nationwide (WHN), a supplier of portable buildings and storage units, alongside the companies’ management.
The two brands previously operated independently, despite sharing the same senior management team. Following the transaction they will be run under a new parent company's name, which has yet to be decided.
The GP acquired the brands from a group of shareholders headed by the companies' former founder and non-executive chairman David Wraith.
Following the acquisition, AHN and WHN will look to diversify the business into new complementary markets within the specialist unit and vehicles rental markets.
Elysian was attracted to the deal by the growth potential in the access vehicle hire and welfare unit hire industries. The GP stated that two thirds of the access vehicle market is currently served by in-house vehicle fleets.
The transaction is the eighth to be done via the Elysian Capital I fund, which targets UK businesses with enterprise values of up to £100m.
Debt
HSBC Leveraged Finance provided senior debt and working capital facilities.
Company
Founded in 2007 and based in Normanton, Yorkshire, AHN is a rental provider of powered access equipment including cherry pickers and other specialist vehicles for use in the power, street lighting and telecoms industry.
WHN is headquartered in Monmouth, Wales, and was founded in 2012. The company provides mobile and static welfare units, including dining and and washroom facilities, to the construction industry as well as the rail and highway maintenance industry.
People
Ken Terry is the CEO of Elysian Capital. John Wood is the CEO of AHN and WHN.
Advisers
Equity - KPMG (Corporate finance); Addleshaw Goddard (Legal); PricewaterhouseCoopers (Financial due diligence, commercial due diligence, tax); Aon Group (Insurance due diligence), Praxis (Environmental due diligence); Edward Symons (Corporate finance).
Management - DLA Piper (Legal).
Vendor - PricewaterhouseCoopers (Corporate Finance); Brabners (Legal).
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