Ashtead buys US rental business
Ashtead Group’s has spent US$279m (£215m) buying a New York-based hire company.
Its US subsidiary Sunbelt Rentals has bought Pride Equipment Corporation, which provides rental equipment in New York City and surrounding areas. Pride specialises largely in aerial work platforms to the construction, industrial and movie production industries.
Ashtead chief executive Geoff Drabble said: "This acquisition further enhances Sunbelt's position in the important New York City market. Pride's focus on aerial equipment is complementary to Sunbelt's capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base. This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions."
Co-founders of Pride, Charlie Noto, Sr., and John Noto said: "We are proud of the company our entire team has built over the last 47 years, and grateful for the customers who have consistently entrusted us to meet their needs. Facing probably the most exciting growth in the company's history over the next few years, we felt it was time for Pride to align itself with a firm which has the resources and scale to allow the business to even better serve our customers' ever-expanding needs. We feel extremely confident that Pride will continue to flourish within the Sunbelt organisation."
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This article was published on 3 Apr 2017 (last updated on 3 Apr 2017).