United Forktrucks has eight depots across the Midlands and southern England.

Investment group CorpAcq has bought United Forktrucks which has eight depots across the Midlands and southern England.

United Forktrucks is a GBP6.5 million (USD10.1 million) turnover business which was founded in 1992 and has grown organically and through a series of acquisitions. It sells, hires out, maintains and services forklifts and provides specialist training to forklift drivers.

The business was owned by four shareholders, the largest of whom was Michael Underwood, who has exited following the sale to CorpAcq.

The others are Paul Nichol and Rodney Forder, who remain as managing director and maintenance manager, respectively, and finance director Chris Compson, who is staying on as a consultant.

United Forktrucks will retain its brand and identity, but will operate as part of Carrylift Group, which is owned by CorpAcq.

The deal extends Carrylift's geographical reach into new areas of the country. It has its HQ in Skelmersdale, West Lancashire, and depots in Gateshead, Glasgow, Shotton on Deeside and Stoke.

Simon Orange, the founder and chairman of CorpAcq, confirms that the purchase is his group's fourth acquisition in the materials handling sector and "represents an excellent bolt-on for Carrylift".

"There are great operational synergies between the businesses," he says. "The acquisition enables Carrylift to extend its geographical reach into the south, where until now it has had little presence. It also assists Carrylift in serving national customers more effectively.

"Using the experience of Carrylift's management team, we will be exploring opportunities to expand United Forktrucks further.

"CorpAcq continues to seek suitable acquisition opportunities, with a number of deals in the pipeline for completion over the next few months."

CorpAcq, which earlier this year secured a GBP25 million (USD39 million) funding boost from corporate credit specialist Alcentra, owns businesses in the building services, manufacturing, precision engineering, packaging and plant and generator hire sectors in addition to materials handling.

The purchase price was not disclosed.

The confirmation comes after initial reports of the deal on the Forkliftaction.com Discussion Forums.

In 2011 CorpAcq snapped up Yorkshire family-based business Hessle Fork Trucks.

United Forktrucks, with nine depots, is one of the largest independently franchised "material movers in the UK".

Carrylift Group was founded in 1988 and claims to be one of the largest materials handling suppliers in the UK, specialising in bespoke handling solutions and local service. Like United, it also offers RTITB-accredited forklift training.