A Manchester-headquartered equipment hire business has secured a £4.5m equity investment from Mercia Fund Managers in Warwickshire.
Quick Reach Powered Access, which also depots in Birmingham, Doncaster, East London and Wishaw in Scotland, was founded in 2014 by brothers John and David Barton.
The investment is the second from Mercia’s £45.1m EV Growth II fund and will allow the company to double its fleet of powered access equipment and continue its nationwide growth.
It currently has a fleet of more than 1,000 units ranging from large telehanders to smaller scissor lifts.
The company employs 36 staff and has achieved an average annual sales growth of 77 per cent over the past three years.
The deal will give Mercia a minority stake in the business.
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.”
Wayne Thomas, who leads the EV Growth II team, added: “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 £5m.”
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.”
John Barton added: “Our partnership with the Mercia team will enable us to continue to establish Quick Reach as an industry-leading provider of powered access, telehandlers and training.”
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.