KBS - Access Height and Lifting Solutions - Market Insight

MARKET INSIGHT – ACCESS, HEIGHT AND LIFTING SOLUTIONS INDUSTRY

M&A ACTIVITY CONTINUES TO RISE WITHIN THE ACCESS, HEIGHT AND LIFTING SOLUTIONS INDUSTRY The UK access, height and lifting solutions industry is on a trajectory of continued growth. This sector comprises companies that provide equipment, services and technology for working at height, material handling, and lifting operations. This includes mobile elevated work platforms (MEWPs), cranes, hoists, scissor lifts, telehandlers, forklifts, suspended access systems and fall protection solutions. The sector serves industries such as construction, infrastructure, warehousing, manufacturing, logistics, utilities and maintenance. It is a sector driven by stringent safety regulations, increasing urbanisation, infrastructure expansion, automation and demand for efficiency in material handling. Innovations in electric and hybrid lifting equipment, telematics and autonomous lifting solutions are shaping the industry’s future. The shift towards sustainable and low-emission lifting solutions is also influencing purchasing decisions. KBS Corporate’s extensive experience in managing successful transactions, allied to our ongoing engagement within this dynamic market, has provided us with a unique perspective. We have conducted an in-depth analysis of the company sales landscape within this sector, offering valuable insights into the key trends shaping sales activity. This includes the strategic moves of leading acquirers and the vital role of private equity in driving industry consolidation. We present significant industry transactions, highlighting notable deals and market dynamics that are reshaping the competitive landscape - along with a detailed overview of completed transactions facilitated by KBS Corporate - offering a practical look into real-world M&A examples within the access height and lifting solutions space.

CURRENT LANDSCAPE The global aerial work platform market size was valued at $19.01bn in 2023 and is expected to grow from $20.7bn in 2024 to $40.95bn by 2032, at a CAGR of 8.9% during the forecast period (2025-2032). This growth can mainly be attributed to the rise in the construction industry. Development of infrastructure for homes, offices etc has increased demand for lifting solutions. The practicality and effectiveness of Aerial Work Platforms (AWPs) have been developed thanks to technological developments. Innovative features such as telescopic booms, flexible arms, self-levelling abilities and modern control systems are being incorporated by manufacturers. Private equity and trade buyers are both active in the access, height and lifting solutions sector. Firms are currently aiming to gain a global foothold through international acquisitions, for example Boels Rental’s acquisition of Riwal which merged two of the largest European players. Moreover, in 2025, UK Tool Hire Group acquired Warren Access to broaden its regional reach.

The global aerial work platform market size was valued at $19.01bn in 2023 and is expected to grow from $20.7bn in 2024 to $40.95bn by 2032, at a CAGR of 8.9% during the forecast period (2025-2032).

+ REGULATION Firms have been actively investing into R&D to broaden their capabilities and integrate advanced technologies, such as automation and IoT, into their equipment to enhance safety and efficiency. Additionally, manufacturers have sought to acquire intellectual property and technology - for example, Manitou’s purchase of the IP of ATN Platforms to bolster its aerial lift designs. ATN is a French firm which specialises in aerial work platforms, in particular vertical platforms. KEY TRENDS + CONSOLIDATION Large rental groups and manufacturers are pursuing acquisitions to scale up and broaden their reach. For example, France’s Kiloutou made three acquisitions in Spain in 2024 to expand its branch network, while United Rentals used M&A to extend its US and European presence. In Europe, Boels acquired Riwal, adding 65 depots across 14 countries and becoming the second-largest access rental player in Europe. + DIVERSIFICATION Strategic buyers are branching into adjacent niches via M&A. For example, Sunbelt Rentals UK (Ashtead Group) acquired film and TV equipment specialist JLL Group in 2024, aiming to offer a wider range of specialist solutions beyond construction. Rental companies are also investing in sustainable energy and power solutions. Speedy Hire acquired Green Power Hire, bringing battery storage units into its fleet to meet demand for eco friendly site power.

KEY DRIVERS AND MOTIVATIONS FOR ACQUIRERS

+ GEOGRAPHICAL EXPANSION

Access, height and lifting solutions firms have been utilising M&A to enter new regions and strengthen their market share in existing ones. International group Loxam’s UK subsidiary Nationwide Platforms acquired local competitors UK Platforms Ltd to gain a larger customer base. Furthermore, Loxam expanded in Spain by acquiring Arteixo Maquinaria to grow its presence there. + PRODUCT LINE DIVERSIFICATION Many acquirers seek to broaden their offering and add new equipment categories via M&A. AFI’s acquisition of spider-lift specialist MBS Access allowed the Yorkshire-based group to enter the niche market for compact tracked lifts. Trade buyers also acquire manufacturers or tech providers to integrate vertically. Oshkosh, parent of JLG, acquired Hinowa to add an innovative line of tracked boom lifts to its product offering.

In the UK, EBITDA multiples for company sales in this industry typically range from 5x-12x , depending on market positioning, asset utilisation and contract stability.

EBITDA MULTIPLE RANGES IN THE ACCESS, HEIGHT AND LIFTING SOLUTIONS SECTOR In the UK, EBITDA multiples for company sales in this industry typically range from 5x-12x, depending on market positioning, asset utilisation and contract stability. Key valuation trends include: • Equipment Rental and Leasing Companies (MEWPs, Cranes, Forklifts): Rental firms typically see 6x-10x multiples, with premium valuations for those with modern fleets, high utilisation rates and strong maintenance programmes. • Manufacturers and Distributors of Lifting Equipment: Businesses producing or supplying cranes, hoists, MEWPs and handling systems tend to achieve 7x-12x multiples, particularly if they have proprietary technology or strong OEM partnerships.

• Height Safety and Fall Protection Solutions: Companies specialising in PPE, fall arrest systems and safety training trade at 6x-10x multiples, benefiting from increasing regulatory enforcement.

• Service and Maintenance Providers: Businesses offering inspection, repair and compliance testing for lifting equipment tend to see 5x-9x multiples, with higher valuations for firms holding regulatory accreditations.

• Automation and Smart Lifting Solutions (IoT, AI, Robotics): Companies leveraging AI, remote monitoring and automated lifting systems achieve 8x-12x multiples due to the scalability and high-margin nature of technology-driven services.

Figure 9. Equipment Rental Companies LTM Revenue Multiples vs. LTM EBITDA Margins

35.0%

United Rentals, Inc

30.0%

25.0%

Hern Holdings Inc.

McGrath RentCorp

H&E Equipment Services, Inc.

20.0%

15.0%

Custom Truck One Source, Inc.

10.0% LTM EDITDA MARGIN

Alta Equipment Group Inc.

Titan Machinery Inc

5.0%

0.0%

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

LTM REVENUE MULTIPLE

Source: ValuAnalytics

FACTORS DRIVING HIGHER VALUATIONS AND EBITDA MULTIPLES Several factors influence valuations in the Access, Height and Lifting Solutions sector, with a strong focus on asset efficiency, contract stability and regulatory compliance. HIGH UTILISATION AND RECURRING REVENUE MODELS • Rental and leasing businesses with long-term contracts and high equipment utilisation achieve premium valuations due to stable cash flows. • Companies investing in electric, hybrid or low-emission lifting equipment see stronger valuations due to regulatory trends and customer demand for sustainability. SAFETY AND REGULATORY COMPLIANCE • Firms with ISO certifications, LOLER (Lifting Operations and Lifting Equipment Regulations) compliance, and PUWER (Provision and Use of Work Equipment Regulations) accreditation command higher valuations due to regulatory trust. TECHNOLOGICAL INNOVATION AND DIGITAL INTEGRATION • Companies incorporating IoT-enabled equipment tracking, AI-powered predictive maintenance and autonomous lifting solutions achieve higher multiples due to efficiency and scalability. MARKET POSITION AND CUSTOMER BASE • Firms with diverse industry exposure (construction, logistics, industrial), strong OEM relationships and national/ global reach attract higher valuations. PRIVATE EQUITY AND CONSOLIDATION TRENDS • The sector is seeing increasing M&A activity with private equity firms acquiring rental and service businesses to consolidate and scale operations. GEOGRAPHIC EXPANSION AND INFRASTRUCTURE DEMAND • Companies operating in growing infrastructure markets, renewable energy projects and high-rise urban development attract premium valuations due to long-term demand. • Subscription-based service contracts for maintenance and inspections also drive higher multiples. MODERN AND SUSTAINABLE EQUIPMENT FLEETS

WHICH FACTORS DRIVE GROWTH IN THE UK ACCESS, HEIGHT AND LIFTING SOLUTIONS INDUSTRY? INFRASTRUCTURE: The UK has undertaken significant infrastructure projects in recent years. These projects require extensive lifting solutions, from aerial platforms for building construction to lifting equipment for bridge and rail maintenance. Public sector investment, partly through programmes like the National Infrastructure Strategy, has increased demand. The European Rental Association notes that although there has been a slowdown in the rental market, infrastructure projects supported by government funds will continue to support the rental market going forward. REGULATORY STANDARDS: The UK and Europe have stringent health and safety regulations for working at height, e.g. the Work at Height Regulations. The use of proper access to prevent falls is strongly enforced. This regulatory environment encourages companies to rent modern access platforms and invest in better solutions. ENVIRONMENTAL AND SUSTAINABILITY: A shift towards more sustainable construction practices in the industry is taking place in the UK. Renting equipment aligns with sustainability goals and ensures equipment is up to date with the latest emissions standards. Additionally, the rise of green energy projects, offshore wind farms, solar farms et al is a new avenue of growth. These projects need lifting solutions for installation and maintenance. Moreover, companies such as Axel Johnson International Lifting Solutions have specifically targeted rental services for wind power as an area for growth. Demand has also increased for electric and hybrid aerial machines. New models provide longer use times and quicker charging capabilities, addressing previous concerns. Hybrid models are also available, offering greater flexibility. CUSTOMER NEEDS: Customers are seeking lifting solutions that can haul heavier loads whilst remaining compact. This is due to seeking increased efficiency, allowing greater loads to be carried and fewer movements. Furthermore, compact solutions provide greater accessibility and versatility in tight work areas.

STRATEGIC INTERESTS OF PRIVATE EQUITY AND INVESTMENT BUYERS IN THIS SECTOR The access and lifting sector, especially in the UK and Europe, remains fragmented, with many regional and family-owned operators. There are opportunities to buy-and-build, creating value by consolidating smaller players into a larger group. By acquiring a platform company and then executing bolt-on acquisitions, PE firms can rapidly grow EBITDA and achieve economies of scale.

KEY ACQUIRERS AND INVESTORS Major players in this sector include:

WHAT TYPES OF BUSINESSES ARE STRATEGIC ACQUIRERS PURSUING IN THE ACCESS, HEIGHT AND LIFTING SECTOR? NICHE SPECIALISTS: Companies specialising in a particular segment of the market are much sought after. This includes a product niche (e.g. companies focusing on truck-mounted lifts, spider lifts, lifting gear hire etc) or a sector niche (e.g. firms serving wind turbine maintenance, powerline access or infrastructure inspections). Acquirers pursue such specialists to broaden their portfolio, for example AFI’s acquisition of Track Mount Spiderlift, and Kiloutou’s acquisition of Spanish low-height platform specialist Liftisa. COMPANIES WITH TECHNICAL CAPABILITIES/IP: Manufacturers or service providers with proprietary technology, patents or safety systems are targets for strategic buyers looking to enhance their product range. For example, Manitou’s acquisition of intellectual property from ATN Platforms was expected to help the French company accelerate its development in the vertical platform market.

M&A ACTIVITY IN THE ACCESS, HEIGHT AND LIFTING SECTOR Within the last three years, a total of 188 M&A transactions involving UK targets have occurred within the access, height and lifting solutions sector.

Around 1,500 investors and acquirers have registered interest with KBS Corporate for companies in this industry.

The following is a selection of key deals completed:

LIFTING GEAR & SAFETY ACQUIRED BY AXEL JOHNSON INTERNATIONAL

KBS DEAL

A provider of specialist lifting equipment services, primarily offering hire, sale and servicing solutions, Bristol-based Lifting Gear & Safety joined Swedish company Axel Johnson International as part of its growth-by-acquisition strategy.

Boels Rental’s acquisition of Riwal added around €310m in revenues to its existing €1.5bn, the acquisition being part of Boels’ growth strategy to become the largest rental company in Europe by extending to new markets, and expanding its aerial lift and telehandler fleet. RIWAL ACQUIRED BY BOELS RENTAL

UBIQ GROUP ACQUIRED BY BRITISH ENGINEERING SERVICES

KBS DEAL

Stoke-based UbiQ, which specialises in access solutions for those working at height or in challenging settings, was sold in a deal advised upon by KBS Corporate to BES, to further enhance its suite of end-to-end risk management solutions.

TUSK LIFTING ACQUIRED BY FIRST INTEGRATED SOLUTIONS

KBS DEAL

Tusk Lifting, which has four depots in northern England and Scotland, was sold in a seven figure deal which means the combined business will employ over 100 people across five sites and have a turnover of more than £15m.

UK Tool Hire, a leading provider of powered access, tool hire and training services across the Midlands, acquired Newcastle-based Warren Access, providing a gateway to the North East and unlocking new growth opportunities. WARREN ACCESS ACQUIRED BY UK TOOL HIRE GROUP

HUMBERSIDE LIFTING ACQUIRED BY BOWERS & BOWERS

KBS DEAL

A Scunthorpe-based specialist in the supply, maintenance and repair of industrial lifting and height safety equipment, Humberside Lifting was sold to father-and-son duo Malcolm and Ben Bowers, who are vastly experienced in the access industry.

Yeovil-based ALPS, a provider of bespoke access, lifting, pulling and safety solutions to a wide range of project types and industries, was sold to Denholm Industrial, a part of the £240m turnover J & J Denholm Group. ACCESS LIFTING PULLING & SAFETY (ALPS) ACQUIRED BY DENHOLM INDUSTRIAL GROUP KBS DEAL As part of its UK growth strategy, Atlas Cranes UK, part of the German-based Atlas Group, acquired 100% of shares in Salisbury-based Wessex Vehicle Services, a well established large vehicle bodywork builder. WESSEX VEHICLE SERVICES ACQUIRED BY ATLAS GROUP

Midland Ladder, a Worcestershire-based national e-commerce retailer of access equipment including ladders, step ladders, scaffolding, work platforms and staircases, was sold to Deligo, an online supplier of fixings, fasteners and accessories. MIDLAND LADDER COMPANY ACQUIRED BY DELIGO KBS DEAL

PRIVATE EQUITY ACTIVITY

FIVE ACQUISITIONS IN THREE MONTHS BY LDC-BACKED DELTRON

West Midlands-based lift maintenance and repair specialist Deltron Group acquired five complementary businesses in England and Scotland to accelerate its growth across the UK, all completed since LDC backed Deltron’s management team.

WH SCOTT GROUP ACQUIRED BY RENATUS CAPITAL

Irish private equity investor Renatus acquired a majority stake in WH Scott Group, the market leader in the UK and Ireland in the fabrication, supply and certification of equipment used in lifting and industrial markets.

Following the investment from Renatus, WH Scott Group acquired RHC, one of the UK’s premier lifting equipment companies, which was founded in 2001 and employs 70 people across the South of England. RHC LIFTING ACQUIRED BY WH SCOTT GROUP

Tractel, a world-leading height safety specialist with subsidiaries in 19 countries, was acquired by Stockholm-based Alimak Group, which broadened its solutions portfolio and significantly expanded its customer base. TRACTEL ACQUIRED BY ALIMAK GROUP

Around 1,500 investors and acquirers have registered interest with KBS Corporate for companies in this industry.

MARKET INSIGHT The overall deal market for this sector is in a dynamic phase of consolidation and growth. Confidence in the sector is high, underpinned by strong demand fundamentals. Dealmaking trends indicate trade buyers and investors view the industry as poised for long-term expansion, with one major insight being the resilience and adaptability of the rental model. Furthermore, leading operators have invested heavily in cross-border mergers and acquisitions. Historically, the industry had more nationally-bound companies, whereas more recently firms have gained an international foothold. For example, the world’s largest rental equipment company, United Rentals, has entered Europe, while European groups are spanning multiple countries, for example cross-border mergers such as Boels/Riwal.

The aerial work platform market had 38.5% market share in 2024, predominantly accounted for by lifting solutions in the construction industry, specifically on residential projects, commercial spaces and infrastructure.

Scissor lifts contributed to a 41.5% share of the aerial work platform market in 2024 due to their functional flexibility. The scissor-style lifting mechanism is economic with space and allows the lift to easily manoeuvre around confined working areas.

Scissor lifts contributed to a 41.5% share of the aerial work platform market in 2024 due to their functional flexibility.