The Tanfield Group, British parent company to UpRight, is preparing to acquire Snorkel with the proceeds of a planned placement of £115 million (about U.S.$230 million). Tanfield will pay $100 million for Snorkel and assume approximately $25 million of the company's debt. Tanfield bought UpRight last year and has doubled its revenues.
"This is a transformational acquisition for Tanfield," says Darren Kell, Chief Executive of Tanfield. "The addition of manufacturing capability in the USA and Australasia, plus established sales networks in these territories, will create a Powered Access division with comprehensive global coverage."