£85m refinancing puts AFI on acquisition trail

The deal has led to the acquisitions of access platform hire companies Hi-Reach in the UK, and Access Rental Gulf in the Middle East.

The refinancing has been supported by an investment of more than £30m by Rutland Partners, which gives them a majority shareholding in the AFI Group, whose headquarters are in Wakefield.

The existing AFI management team has collectively reinvested £13m in the enlarged group.

It was also revealed yesterday that Equistone Partners has exited its investment in AFI. Equistone invested in the business in 2006.

Equistone has backed AFI in a series of bolt-on acquisitions to increase its UK footprint and service offering. Today, AFI has a £32m turnover.

Steve O’Hare, of Equistone, said: “Equistone has worked closely with a strong management team led by David Shipman to develop AFI from a dedicated platform hire provider into a diversified business.

“AFI has expanded in the UK, opening several new depots and making strategic bolt-on acquisitions that mean it is now one of the leading players in the market and is well positioned for further growth.

“AFI has shown resilience and grown by diversifying its offer-ing.”