U.K. industrial services and rental company Northbridge Industrial Services is raising about £2 million (about U.S. $3.3 million) by way of an open offer to expand its existing rental fleet. The company said the decision was in line with its strategy of buying and developing rental assets to complement its existing industrial rental equipment activities.
The offer is of up to 1,889,499 new ordinary shares at 110 pence per share.
“Following the recent strengthening of our business in the Middle East, we are confident that there is a significant opportunity to further expand our operations and become a key supplier of industrial hire equipment in the Middle East,” said Northbridge chairman Peter Harris. “Additionally, given the current economic market constraints, further opportunities exist to acquire industrial equipment that would expand its rental fleet in the U.K.”
Northbridge recently acquired a majority interest in Dubai-based Tyne Technical Equipment Rental Services, which rents generators and supplies services to the infrastructure and oil and gas industries in the United Arab Emirates. It also obtained a rental contract to supply generators, transformers and other equipment to a large project in Yemen.
