Tim Waples

Doosan Industrial Vehicle UK (DIV UK) has bought UK forklift dealer Rushlift Ltd in a "multi-million pound equity deal".

Rushlift Ltd, which has six depots in Great Britain, will continue to operate under its own name as a wholly owned subsidiary of DIV UK. The deal is said to greatly enhance Doosan's ability to compete for the large customer accounts, which require the single partnership of a forklift manufacturer and national service network.

DIV UK CEO Tim Waples tells Forkliftaction.com News that the manufacturer's existing dealers are largely non-competitive with Rushlift as they typically sell and provide after-sales support to companies in a defined regional area.

Waples says Doosan will retain its network of regional dealers alongside the new operation model at a national level.

"National success will, in fact, help our regional dealers by increasing the number of Doosan trucks in the market, building awareness of the brand and hopefully generating more leads and demand at a regional level, too. It is a win-win situation."

There will be no changes to Rushlift's current business and operations, but Waples says DIV UK and Rushlift staff can expect to have greater opportunities for career progression within the group.

Waples assumes the role of CEO of the Material Handling UK Group, while Graham Holyland remains as CEO of Rushlift Ltd, supported by Graham Farquhar, who will continue as managing director, and fellow director Dennis Shaw, who remains as director for operations within Saint-Gobain. In 2011, Rushlift secured the UK's single largest supply level agreement with the Saint-Gobain group. The agreement, over two years in the making, is worth about GBP100 million (USD164.6 million) over 10 years (Forkliftaction.com News #516).

Peter Cosgrove and John Chappell, founders of the Specialist Hire Group, parent company of Rushlift, will retire from Rushlift but will continue with their remaining business interests within the group.

Waples calls Doosan and Rushlift a fantastic and complementary fit. "We have collaborated extensively over the years but (this) acquisition opens the door to larger accounts which were previously denied to both Doosan and Rushlift as individual companies."

Rushlift's Holyland says: "Rushlift is entering an exciting new growth phase as we now have the backing of Doosan, a global brand, with all the opportunities that presents for the business and our employees. Despite this, it is in many respects 'business as usual' for us as we continue to provide our existing customers with the excellent levels of support they expect."

KB Park, CEO of Doosan Industrial Vehicle, Korea, says the company enjoys its largest marketshare outside South Korea in the UK. "Our dealer route to market has been one of our strengths until now and will remain so, providing outstanding levels of support to those who buy and use our forklifts."

Doosan Industrial Vehicle is part of the Doosan Corporation, whose activities include building and maintaining power plants, including nuclear power, desalination plants, heavy equipment and engine manufacture, and industrial vehicles. In the UK, Doosan Babcock builds and maintains the plant infrastructure for the power, petrochemical and pharmaceutical industries.

Doosan Industrial Vehicle UK is part of the GBP50 million (USD77 million) Doosan Material Handling UK Group. Based in Northampton, it is supported by a nationwide network of approved dealers.