TKE Ireland now belongs to Fain

The Spanish lift company Fain is continuing its expansion abroad. By acquiring TK Elevator Ireland, the company has strengthened its position as the second largest operator.

"In 2021, the Fain Group surprised the market by taking over Otis Ireland and West of Ireland Lift Services," the Spanish company explained in its press release. The purchase of the Irish subsidiary of TKE has now been announced. As a result, Fain has reinforced its position as the company with the highest technician density on the market.

"This allows us to offer our customers shorter reaction times and unrivalled service proximity," declared Michael Kelly, CEO of Fain Ireland. The integration had boosted the operational structure and technical know-how since the technicians were specially trained for the products of TKE subsidiaries and vice-versa.

Uniform brand

All of the companies that Fain has to date acquired in Ireland have been trading under the uniform brand Fain Ireland since 1 July (previously Irish Lift Services). They are responsible for the maintenance of over 7,000 lifts – including those managed by Doyle Lift Services (a company that belongs to Fain but is legally independent).

This corresponds to 20 percent of the Irish market, according to a Fain Group estimate. "We always strive to create a uniform, recognisable and coherent brand in all the countries where we are operate," said Miguel Gómez, COO of the Fain Group, in justification of the merging of the Irish companies under a common name.

Acquisition of Irish companies

Photo: © Fain Ascensores S.A.

TKE Ireland is already the second Irish company that has changed hands within a short period and is now in foreign ownership.

At the end of April, the Swedish Motum Group announced the complete takeover of Ascension Lifts from Dublin (see online article ‘Motum expanding on the Emerald Isle’ on lift-journal.com).

Growing economy

Giles Lord is not surprised by such international interest. "Ireland is a growing economy with a high volume of construction and retrofitting activity," explained the Managing Director of Byrne Lifts Ltd and Chairman of the Irish Lift and Escalator Association (ILEA) in reply to the LIFTjournal.

In his view, the presence of global operators alongside strong Irish companies contributed to a competitive and dynamic sector landscape. According to an ILEA estimate, 35,000 lifts and escalators were in operation in Ireland.

Further acquisitions possible

"Given the international market dynamics, more takeovers could take place," speculated Giles Lord and pointed to the consolidation trend observable in many European sectors.

The role of the ILEA consisted in supporting high industry standards and representing the joint interests of its members – "irrespective of whether they are in Irish or international hands."

More informations: https://fain.es/
https://fainireland.ie/
https://www.ilea.ie/

Company profile: Fain is a Spanish company specialised in solutions for vertical transport and access automation. It provides service for lifts, escalators, automatic doors and other mobility solutions. According to the company based in Madrid, it employs more than 1,500 employees and maintains more than 100,000 lifts. This year annual sales are expected to reach 250 million euros.

Fainasa was established in 1972 as a spinoff from Ascensores Mediavilla. The company changed its trading name to Fain Ascensores S.A. in 1989. Branches were established in many Spanish cities in the following years. Fain is now present in about 30 locations. Its first foreign establishment opened in 2007 in Gibraltar. This was followed by market launches in France (2013), Belgium (2018), Switzerland and Ireland (both 2021).