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18.07.2017

AFI completes Kimberly acquisition

UK based rental company AFI has completed the previously reported acquisition of Kimberly Access taking its rental fleet to around 7,000 units with revenues approaching £100 million.

The deal follows an extended period of due diligence and will be funded and fully supported by AFI’s private equity investors Rutland Partners along with an increase in the company’s senior debt facility. See AFI and Kimberly

The deal includes the assets and ongoing business operations with most employees expected to join AFI and remain with the business. It is very important to note that the company Kimberly Access will remain as a non trading business with at least the two main directors remaining in post. It will will also hold sufficient assets to cover any past or future claims that might arise whether finanicial or legal.

Vertikal Comment

This will hopefully be a good move for both AFI and the vast majority of Kimberly employees. It comes with tragic timing given the premature passing of Kimberly founder Gary Smith on Friday. For AFI and the Kimberly staff the work now begins.

We wish them both every success.

Comments

JP666
Move on! Nothing to see here!

Jul 25, 2017

JP666
I was in no way intending to be derogatory, that was not my intention.
As mentioned below, it is sad that the directors invested cash and had taken these risks and lost out on receiving a return to keep the business secure.
I admire their integrity and sympathise with their loss.
I also admire Their integrity even more that they did not receive any inflated pay rises over the last few years,nor received nor have accepted and sales bonuses to alleviate this investment loss and realise some return and again it is admirable that the senior team have all shared this discipline.
A lesson in integrity for us all.
Humbling.

Again we hope to see success for all in the future.



Jul 20, 2017

Emperors new clothes
I can't understand why Ray Ledger is getting all bent out of shape with JP666's comment. It is not that derogatory or blackening
Ray, how can you say Kimberly rode out the recession better than many others?

There were hardly any casualties and most have overtaken Kimberly, who at best have stood still.
I also wish AFI good luck and fortune
(Name withheld because I am scared of dinosaurs and blokes with nothing left to lose).

Jul 19, 2017

Ray Ledger
I refer to the derogatory and insulting comments made by the anonymous one ( clearly does not have the guts to use his/her name.
Before making comments Sir/Madam you should know the facts which clearly you don't.
Your attempt to blacken the name and reputation of the Kimberly Directors mystifies normal business people.
Whilst I am not going to give you a lesson in integrity because it would fall on barren ground but I would point out that during the recession when almost every rental company was tight for cash the directors of Kimberly volunteered to put their own savings in to the business without any gauruntee whatsoever that they would ever be reimbursed. This together with additional support from its PE investor ensured that Kimberly rode out the recession better than many others and in fact was never in any financial stress.
I wonder if you would have the guts or commitment to do the same. Bearing in mind your need to hide behind a silly identity I doubt it.
The sooner that Leigh Sparrow changes the rules with regard to people making derogatory comments anonymously the better.

Jul 19, 2017

JP666
The lucky few will get off and spend the bank sale bonuses while others lose out.

I'm sure AFI will make a better go of it, I wish them & the staff all the best of luck and good fortune.

Jul 18, 2017