Following Lonsdale Capital Partners’s (Lonsdale) sale of Cross Rental Services (CRS) to Elysian Capital (Elysian) in August 2021, Lonsdale has now made a significant reinvestment into the company to continue to support the expansion of CRS alongside Elysian.
CRS is a market leading provider of Refrigeration & Catering and Climate Control rental equipment to blue-chip customers across a diverse range of end markets, including retail, manufacturing and facilities management. It was established in 2006 and has operations across the UK and Ireland.
Lonsdale acquired CRS in December 2018 and, under its ownership, completed two bolt-on acquisitions in the UK market (one in 2019 and one in 2020), in addition to achieving significant organic growth. This resulted in a revenue compound annual growth rate (CAGR) of 31.33 per cent between 2018 and 2021.
The business has made significant progress since August 2021, including the acquisition of All Seasons Hire from HSS PLC, completed in September 2021. The acquisition creates one of the market leading Climate Control rental providers in the UK alongside the already strong position held in the UK Refrigeration & Catering rental space.
Lonsdale “recognised the significant growth opportunities, both organic and inorganic, available to the business in the coming years and is delighted to be continuing on the journey with CRS.”
Lonsdale’s investment was made alongside certain co-investors including Nord Holding and Literacy Capital PLC.