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Rutland Partners sells powered access company AFI Group

Private equity firm Rutland Partners LLP said it has completed the sale of AFI Holdings Ltd. to its management team led by CEO David McNicholas and Chairman David Shipman.

At the same time, AFI acquired Facelift (Gb) Ltd., a powered access rental business specializing in the truck-mounted platform market.

The combined transaction reflects a value of about £160 million.

AFI's existing management team will become the majority owner of the company after the acquisition, with financial support from bank partner PNC and £60 million of fresh capital from Pricoa Capital Group Ltd.

AFI is a powered access company that provides machine rental and sales as well as training and health and safety courses in the U.K. and the Middle East.