The business has two divisions: Equipment as a Service (EaaS) and Temperature Control (TC). EaaS includes the provision of industrial fridges, ovens and coffee equipment whilst TC includes heating and chilling units such as industrial boilers, chillers and air conditioning units. The Company is headquartered in Dublin, Ireland and will continue to be led by Executive Chairman, Ken Keating. Ken is supported by a very robust team who all have substantial experience in the rentals space.
Cross was attractive due to its strong market position in Ireland and the UK developed since trading commenced in 2006. In addition, the focus on both EaaS and TC asset solutions results in less seasonality and cyclicality than other operators.
Finally, the management team have done an excellent job in growing the business and we expect this to continue as they execute their strategy. Going forward, Cross will consolidate its position in the Irish market whilst placing increased focus on the UK. Growth in the UK will be achieved via organic growth and selective bolt-on acquisitions.
Lonsdale’s enthusiasm for our business was clear from day one and their straight forward approach meant they were the obvious choice to partner with Cross. Their previous experience in the asset rental space meant they got the business and the challenges and nuances of growth investment immediately. They are always available to discuss any aspect of the business and proactively work with the whole senior management team.Greame Nesbitt, CEO Cross Rental Services Group
For more information please read the press release