Pace Group Acquires Three Firms, Expands UK Footprint

Pace Group, a prominent player in the lift maintenance and repair sector, has significantly expanded its national footprint by integrating three new companies into its operations. This strategic move not only marks the company's inaugural presence in the South West of England but also brings its total number of acquisitions since its backing by LDC to an impressive twenty.

The newly acquired entities include Ideal Lifts Services Limited, based in Devon, Elevators Ltd from Kent, and City Lift Services, headquartered in Cheshire. These additions are expected to bolster Pace Group's service capabilities and extend its operational reach across key regions of the United Kingdom. The integration of these businesses is a testament to Pace Group's ambitious growth strategy, supported by its private equity partner.

With these latest additions, Pace Group has absorbed approximately 2,000 additional units into its managed portfolio, elevating its total to around 15,000. Furthermore, the company has welcomed 30 new employees, encompassing both office-based staff and field engineers, increasing its overall workforce to approximately 240 individuals. This expansion directly addresses the growing demand for specialized lift maintenance services, a sector benefiting from an aging building stock and increasing regulatory focus on safety and compliance.

Since receiving investment from LDC in July 2024, Pace Group, under the leadership of Directors Scott Haywood and Lukas Schlenker, has demonstrated robust growth. The company has seen its revenue climb from roughly £19 million to approximately £40 million, a substantial increase driven by both organic development and a series of strategic acquisitions. This trajectory highlights the effectiveness of LDC's investment strategy in supporting management teams to achieve accelerated expansion.

Lukas Schlenker, Director at Pace Group, commented on the significance of these acquisitions, stating, “The incorporation of Ideal Lifts Services, Elevators Ltd, and City Lift Services represents a pivotal moment for our organization. In just over two years, we have achieved considerable geographic expansion throughout the UK, all while upholding the high standards of service, quality, and compliance that are fundamental to our success.” He further expressed enthusiasm for integrating the new teams and continuing the investment in capabilities to solidify Pace Group's position as a leading national lift maintenance provider.

Matt Newbold, Investment Director at LDC in the West Midlands, underscored the management team's performance: “Scott and Lukas continue to drive impressive growth, both through internal initiatives and strategic acquisitions. These three high-caliber acquisitions will undoubtedly enhance Pace Group's national coverage and elevate service delivery for both existing and prospective clients. We are delighted to support their ongoing expansion across the UK.” The UK lift services market, estimated to be worth several billion pounds, is characterized by fragmentation, presenting ongoing opportunities for consolidation and growth for well-positioned players like Pace Group.