BHP Corporate Finance is delighted to have acted as the lead advisor to Northern Escalators and its shareholders, in securing £6.4 million of investment from the Business Growth Fund (”BGF”).
Northern Escalators was founded by Kevin Johnson and Roger Feather in 1999 as a specialist heavy haulage contractor. The group has quickly evolved, and grown substantially to become the escalator sector’s preeminent engineering partner. The group provides a portfolio of services which encompasses the life cycle of an escalator, namely; build-up and commissioning, installation, removal, refurbishment and repairs and reactive maintenance. The group delivers its services to the majority of the UK’s major retail, commercial and transport infrastructure assets working alongside the leading escalator and elevator manufacturers.
Northern Escalators will use BGF’s funding to expand and support its services in mainland Europe as the group continues to win a growing number of contracts. The group has recently opened offices in Germany and Sweden which provide an ideal base to service the upsurge in commercial and transport infrastructure projects.
Andy Haigh and Tim Brind from BHP Corporate Finance, worked closely with Amanda Waterhouse, Tax Partner at BHP to help Northern Escalators secure the investment package. Andy Haigh commented, “The team at Northern have built a market leading business in a very technically demanding niche of the engineering market. We wish the business and its people every success with their new partners and are delighted to have played a small part in the growth story.”
Northern Escalators founder Kevin Johnson commented “We are very grateful to the team at BHP for their involvement in the fundraising process. They took the time to clearly understand the business and our requirements then introduced us to potential funders that did the same. I am confident that we would not have secured the result we did without them”
The transaction will see Roger retire from Northern Escalators; Kevin will continue to lead the management team with Gareth Judson being appointed to the board, along with a new chairman, Stuart Black.
Northern Escalators operates from a purpose-built UK headquarters in Halifax employing 85 skilled engineers and technical staff. The group generated revenues of £12 million in 2017 assisted by recent projects at Anfield Football Stadium, Heathrow Airport and Paddington Station as part of the wider London Crossrail Underground development.
By Andy Haigh
Director, BHP Corporate Finance