QUICK Reach Powered Access, a fast-growing national equipment hire business, has secured a £4.5million equity investment from Mercia Fund Managers.
The investment, which is the second from Mercia's £45.1million EV Growth II fund, will allow the Manchester-based company to double its fleet of powered access equipment and continue its nationwide growth.
Founded in 2014 by brothers John and David Barton, who have a background in the equipment hire industry, Quick Reach now has depots in Manchester, Birmingham, Doncaster, East London and Wishaw in Scotland, and a fleet of over 1,000 units ranging from large telehandlers to smaller scissor lifts.
Jill Williams, Investment Director for Mercia's EV Growth II, said: "Quick Reach has become a well-established provider of powered access equipment in a very short period of time.
"Its success has been underpinned by solid relationships with customers and suppliers and the industry experience of John and David. This funding will allow them to pursue their ambitious growth plans."
The company which now employs 36 staff, has grown rapidly, achieving average annual sales growth of 77% over the past three years. The deal will give Mercia a minority stake in the business and provide investment for growth.
Wayne Thomas, who leads the EV Growth II team, said: "Quick Reach is exactly the sort of innovative and ambitious SME that EV Growth II seeks to invest in. This is our second investment from EV Growth II, and we have several more deals in process which we expect to complete over the next few months. This demonstrates the ongoing demand from good quality businesses seeking buyout funding and development capital of up to £5million."
David Barton of Quick Reach said: "At Quick Reach we are committed to delivering the very best service and customer experience in our industry sector. With further investment in new equipment, and a more extensive distribution infrastructure, we are well positioned for further growth."
The EV Growth II fund makes investments of up to £5.0million in established and ambitious SMEs, looking to grow, with a focus on management buy-outs and development capital. The fund completed its first deal in July 2018 with a £4.0million investment in the parking aggregator site ParkCloud.
Investec in Leeds provided fundraising advice to the company. Dow Schofield Watts Transaction Services provided financial due diligence to Mercia while Craig Scott of Hill Dickinson provided legal advice.