Australian forklift distributor WA Fork Trucks plans to take on the eastern states market after company founder Laurie Puddy sold a majority stake to AMP Capital Investors.
According to The West Australian
newspaper, WA Fork Trucks and three of its subsidiaries, WAGMAC, NT Fork Trucks and WA Access Equipment, will be merged and rebranded as United Equipment.
Puddy will control United, which will sell, hire and service forklifts ranging from small pallet lifters to 52-tonne container stackers.
A WAGMAC employee told Forkliftaction.com News the merger had taken place but phone calls to WAGMAG's chief Greg Wagstaff remain unreturned as "Mr Wagstaff is busy in meetings". Similarly, Puddy has been unreachable by phone.
AMP Capital Investors head of private equity Greg Smith said rapid expansion was planned for United Equipment by leveraging the group's newly established franchises.
WA Fork Trucks operates one of Australia's biggest forklift rental fleets. Company records show WA Fork Trucks, which Puddy founded in 1985, made an after-tax profit of AUD624,436 in 2003-04 on sales revenue of AUD34.6 million. The company employs more than 140 people in Western Australia and 100 in other states.