Business

Gregory Poole’s forklift dealerships expect to double in revenue with acquisitions

Gregory Poole Lift Systems, the division of Raleigh-based Gregory Poole Equipment that sells forklifts and other material handling equipment, expects to double its annual revenue with three dealership acquisitions announced Wednesday.

Financial details weren’t disclosed.

In conjunction with the deals, Lift Systems also will shift to selling Yale and Hyster brand equipment when the transactions close, which is expected to happen about Oct. 1.

“It offers us the opportunity to double our business, essentially, in the same territory we have,” said Hal Ingram, vice president of Lift Systems.

Lift Systems currently sells four brands of equipment: Caterpillar, Mitsubishi, Crown and Kalmar. It will continue to sell and support those brands until the deals close.

Today Lift Systems has 10 locations in eastern North Carolina, eastern South Carolina and Virginia. That includes five sites it shares with Gregory Poole Equipment, which sells Caterpillar construction equipment.

Lift Systems is acquiring 16 locations as part of the deals announced Wednesday, but will consolidate dealerships that are located near each other, including current Lift Systems locations, said Ingram. The upshot is that the company will add three new locations – in Rocky Mount and in the Virginia cities of Harrisonburg and Winchester.

Ingram noted that the move also “partners us with a North Carolina-based manufacturer.”

Yale and Hyster equipment is manufactured at a NACCO Materials Handling Group plant in Greenville, N.C., Ingram said.

Privately owned Gregory Poole Equipment has 17 locations in four states. In addition to construction equipment and material handling equipment, it also has dealerships that sell tree harvesting and lumber equipment and boat engines.

  Comments