Red Diamond sold to Mitsubishi Logisnext Europe as part of UK market expansion
Forklift truck importer and distributor Red Diamond Distribution Limited has been acquired by Mitsubishi Logisnext Europe, one of the world’s largest manufacturers of forklift trucks. This latest acquisition enables MLE to move forward with its program of integration and realignment of its global brand portfolio.
Red Diamond has been the exclusive distributor of Mitsubishi forklift trucks in the UK since its incorporation in 2013, helping the brand to more than double its market volume in that period.
As the shareholders of Red Diamond own a number of Mitsubishi dealerships, they will retain a close working relationship with the acquirer moving forwards.
The shareholders of Red Diamond sought advice and support on this transaction from the transactional tax specialists at PKF Smith Cooper. In addition to the provision of formal tax advice to the shareholders, the business and accountancy firm assisted with tax due diligence support and also provided share purchase agreement advisory services.
Mike Jones, managing director of Red Diamond, said, “We are immensely proud of everything we have achieved in the last nine years at Red Diamond. Upon being approached by Mitsubishi with an offer to acquire the business, the shareholders felt that the timing was right to allow the brand to take the company into the next stage of its journey. We are incredibly grateful for the advice and support which Adam and his team were able to provide us and we look forward to continuing our working relationship with PKF Smith Cooper for many years to come.”
Adam Rollason, tax partner and head of transactions Tax at PKF Smith Cooper, led the team. He said, “I am delighted to have been able to support the shareholders of Red Diamond with this transaction. Working with Mike and Rachel in particular has been a pleasure, their desire to get this deal done and secure the long term future of the business for its employees was clear from the outset.”
Sell side legal advice was provided to the shareholders by Geoff Kettle, corporate partner at Higgs LLP.
