A huge lift business is up for sale

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Thyssenkrupp's lift business is said to have attracted bids from huge equity firms such as 3G, Blackstone and Carlyle

owe their shape to two 19th-century revolutions in personal transportation. For urban sprawl, blame the car. The skyscrapers that shape many of the world’s most recognisable cityscapes would not exist without fast and safe lifts. Whereas the four biggest carmakers sell two-fifths of road vehicles, liftmakers have the market sewn up far more tightly. The top four firms provide over two-thirds of all lifts . More concentration may be arriving shortly.

Whoever they turn out to be, the bidders are attracted by an industry that has more ups than downs. The global lift market was worth $73bn in 2018 and the share prices of lift companies have comfortably outperformed the capital-goods industry as a whole for years, according to Morgan Stanley, a bank. Lifts are a “great business”, explains Klas Bergelind of Citi, another bank, because half of all revenues are recurring.

 

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