Sunbelt and Ashtead Make Five Acquisitions During Fiscal First Quarter
Sunbelt U.S., Sunbelt Canada and A-Plant – the three divisions of Ashtead plc – made five acquisitions during the first fiscal quarter ended July 31, for a total cash consideration of £115.9 million (about U.S. $151.9 million).
The first acquisition was on June 1. Sunbelt Canada acquired the entire share capital of Voisin’s Equipment Rentals Ltd. and Universal Rental Service Ltd. for £18 million, about CDN $32 million with contingent consideration of up to £1 million payable over the next year, depending on revenue meeting or exceeding certain thresholds. Including acquired debt, the total cash consideration was £44 million (CDN $76 million). Voisin’s is a general equipment rental business in Guelph, Ontario, Canada.
On June 29, U.K.’s A-Plant acquired the entire share capital of Astra Site Service Ltd. for £6 million in cash. Astra is a hydraulic attachment rental business with six U.K. locations.
On July 3, Sunbelt Canada acquired the entire share capital of Richlock Rentals for CDN $13 million in cash. Richlock is a general equipment rental company with locations in Langford and Sidney, B.C., Canada.
On July 17, Sunbelt U.S. acquired the business and assets of Wistar Equipment for $23 million in cash. Wistar is an industrial power rental business based in Carney’s Point, N.J.
And on July 20, Sunbelt U.S. acquired the entire share capital of Blagrave No. 2 Ltd., the parent company of Mabey Inc. for $90 million cash. Mabey is a ground protection and ground works business operating down the east coast of the United States.
For Ashtead and Sunbelt’s fiscal first quarter results, read: http://rermag.com/headline-news/sunbelt-rentals-revenue-rises-206-percent-first-fiscal-quarter
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.