McBrides elevates Bexleyheath’s Apex Lifts sale to Swedish lift group

McBrides Accountants LLP

Deal type: Aquisition
Industry Sector: Property
Completion date: 20th April 2022

McBrides elevates Bexleyheath’s Apex Lifts sale to Swedish lift group

McBrides Corporate Finance has advised Bexleyheath business Apex Lifts in its sale to Swedish-based Cibes Lift Group.

Apex Lifts is well-known across London and has specialised in lift modernisation, installation and maintenance since 1970 growing to provide 3,500 maintenance contracts today.

By acquiring the business, Cibes Lift Group has the strategic opportunity to strengthen its position in London and becomes one of the UK’s largest independent lift companies.

Apex Lifts will retain its company name and continue to be run as an independent company. However, Apex Lifts managing director and owner Warren Jenchner will retire and Rey Shepherd, current UK MD for Cibes UK subsidiaries, becomes the new MD for Apex Lifts.

McBrides Corporate Finance partner Nigel Kimber and senior manager Anthony Hawkins advised Apex Lifts on the transaction assisting the MD with assessing the offer, which was successfully negotiated before agreeing terms of sale with Cibes. Additionally, Nigel and Anthony assisted with the due diligence enquiries and commercial aspects on the sale and purchase agreement, project managing the entire transaction from start to finish.

Commenting on the sale of his business, Warren Jenchner said: “I’m delighted with the advice and support that Nigel, Anthony and the wider team at McBrides have provided me both with this transaction and over the years as a client of the firm. Selling your business is not a decision you take lightly, and they’ve helped me every step of the way.

“This acquisition will bring a wealth of benefits for the employees and customers of Apex Lifts providing the financial stability to further strengthen its market position and growth. The future of the organisation is also secured providing a stable environment for our well-respected employees.”

Commenting on the transaction, McBrides corporate finance partner Nigel Kimber said: “It’s been an absolute pleasure to work with Warren and the Cibes team on this transaction. I wish Apex Lifts and Cibes every success in the future.”