AFI-Uplift has recently acquired Hampshire Plant & Access (HPA). This deal is the fifth bolt-on acquisition since Rutland first invested in the AFI Group in May 2013 when it successfully completed the simultaneous merger of three companies; AFI-Uplift and Hi-Reach in the UK and Access Rental Gulf in the Middle East.
These bolt-on transactions form part of an active business investment and expansion strategy, complementing the Group's growth to date and other strategic initiatives, demonstrating Rutland's continued commitment to support AFI.
AFI has secured a £70 million refinancing from asset based lender PNC Business Credit as the Group looks to accelerate its growth plans in both the UK and the Middle East.
David Shipman, Chairman of AFI, commented: this is a good deal for AFI and will enable us to continue taking advantage of both acquisition and organic growth opportunities as we head into an important period of growth for the Group.