As part of its growth strategy, Briggs Equipment has executed a purchase agreement to acquire Hitec Lift Trucks Ltd, enhancing its coverage and strengthening its presence in a key geographic area of the country. Completion is expected to occur no later than 1 June 2018.
The independent dealer based in Wellingborough will become a wholly owned subsidiary of Briggs and will continue to trade under its own name with all current operational contacts remaining in place. Following completion of the acquisition, Hitec will represent the Hyster brand of fork lift trucks. Briggs recognises that Hitec has produced consistent revenue and profit growth in recent years and believes that through being part of the Briggs group, Hitec can achieve superior growth and fulfil its potential going forward.
Peter Jones, Managing Director of Briggs Equipment commented, “We are delighted to be able to make this announcement and to welcome the team at Hitec on-board. The acquisition allows us to lay strong foundations for the future of both businesses. Bringing together two customer-centric companies to share knowledge and expertise will help us continue to enhance our proposition and further differentiate the Briggs’ offering.”
“We expect that Hitec’s existing customer base will benefit from greater flexibility in financing, a wider choice of machines on long term rental and access to an extremely diverse range of equipment from Briggs’ Short Term Hire fleet.”
Prospero Girardi, Managing Director of Hitec added, “The acquisition of Hitec Lift Trucks Ltd by Briggs means that we can go forward and expand the business further giving our customers the best of local service with national support. We are delighted to be able to expand the products on offer to our customers as a result and believe the team at Hitec Lift Trucks are in good hands under the ownership of Briggs.”