Leeds-based crane and lifting equipment supplier Ward Woolston Group has made its first ever acquisition, taking over a Newport business.
Ward Woolston Group is a supplier of Hiab truck mounted cranes and multilift demountable equipment in the UK.
The company employs 60 workers engaged in the sale of new and used machinery, parts and repair services to customers in the public and private sector.
LDH Plant is a construction equipment supplier based in Newport, Wales which has been trading for more than 20 years.
The company is an authorized dealer for Case Construction, Terex, Montabert and Mecalac plant and equipment, supplying businesses across Wales, Herefordshire, Gloucestershire, Wiltshire, and Oxfordshire.
Robert Vaughan, the former managing director of LDH Plant, will remain with the business as sales director and Nicholas Higgins will retain the role of operations director.
Managing director Scott Woolston said: “LDH Plant is a well-established company, founded on like-minded principles and a strong culture of client care, which will complement and strengthen our services across the UK and create a business with combined revenue of £16m.
“This acquisition forms part of our strategy to expand the business, with our aim to achieve a revenue of £50m in the next five years through organic and acquisitive growth.
“We are looking to target businesses with similar synergies to help drive this momentum and deliver on our future plans.”
Legal adviser to the Ward Woolston Group was a team from Squire Patton Boggs, led by corporate partner Paul Mann and associate Maxine Burton.
Maxine Burton added: “We have recently started working with Scott and the team, who are full of energy, enthusiasm, and ambition to grow and develop their business, and it gives us great pleasure to have advised on their first transaction.
“We look forward to continuing to work in partnership with them on future acquisitions as part of their five-year plan.”
Financial due diligence was provided by Richard Hayter of Hentons.