UK/IRELAND: Dublin-based Cross Rental Services has been the subject of an MBO backed by UK private equity company Elysian Capital.
Cross Rental Services provides HVAC hire equipment to a wide range of clients across both Ireland and the UK. It was acquired by Lonsdale Capital Partners in 2018 and, under Lonsdale’s ownership, completed buy-outs of UK rental companies Swegon Hire UK in 2019 and Acclimatise Ltd in 2020.
The business comprises two divisions: Refrigeration & Catering Solutions (R&CS) and Climate Control Solutions (CCS). The R&CS division provides a fully managed turn-key service for a range of commercial refrigeration and catering assets, with a market leading position for long-term retail refrigeration rental in the UK and Ireland. The CCS division provides a large base of blue-chip customers with heating and cooling solutions, focusing primarily on chillers, boilers, heaters, and air conditioning, with a specialisation in technically complex products which are used for high-criticality applications.
Led by CEO Graeme Nesbitt, Cross has grown strongly in recent years, including throughout the pandemic, and has established a significant UK platform for growth in both divisions. Supported by Elysian, the company says it now has plans to accelerate its market penetration across all divisions. “In particular to unlock a number of exciting opportunities and build further scale within the UK market; both organically and through selective M&A opportunities,” a company statement said.