Sunbelt and A-Plant Continue to Make Acquisitions in Fiscal First Half
Ashtead plc announced Sunbelt Rentals and its U.K. sister company A-Plant made nine significant acquisitions in the fiscal first half of 2017.
On May 5, Sunbelt acquired the business and assets of Noble Rents, also known as Noble Iron, for a cash consideration of $34 million. Noble Iron is a general equipment rental company in the Los Angeles area.
On May 23, Sunbelt acquired the business and assets of RGR Equipment LLC, an aerial rental business based in St. Louis, Mo., whose primary owners Dan Tumminello and Joe Alonzo previously owned Midwest Aerials. Sunbelt acquired the company for $58 million in cash, with contingent consideration of up to $7 million, payable over the next two years depending on revenue meeting or exceeding certain thresholds.
On May 31, A-Plant acquired the entire share capital of Plantfinder Ltd., a Scotland aerial work platform rental company, and the business and assets of Clyde Security Containers Ltd. for £23 million in cash.
On June 1, Sunbelt acquired the business and assets of MSP Equipment Rentals, an aerial work platform rental company in Delaware, for $23 million in cash.
On June 29, Sunbelt acquired certain business and assets of Green Acres Equipment Rental, a general equipment rental company in Texas, as well as Texas Agri-Capital LLC, for $5 million in cash.
On Aug. 1, Sunbelt Canada acquired all partnership interests of CRS Contractors Rental Supply Ltd. Partnership and the entire share capital of CRS Contractors Rental Supply General Partner for CND$220 million in cash, with contingent consideration of up to CDN $20 million, payable over the next three years, depending on EBITDA meeting or exceeding certain thresholds. Including acquired debt, the total initial cash consideration was CDN $287 million. CRS is a general equipment rental business in the province of Ontario.
On Sept. 29, A-Plant acquired the business and assets of Chanton Hire for £1 million in cash. Chanton is a survey equipment rental business.
On Oct. 2, Sunbelt acquired the business and assets of the aerial division of Lift Inc. for $9 million in cash. Lift is an aerial work platform rental business in Pennsylvania.
And on Oct. 31, Sunbelt acquired the business and assets of The Rental Company of Cenla LLC for $1 million in cash. RentalCo is a general equipment rental company in Louisiana.
Ashtead released its fiscal first half results Dec. 12: http://rermag.com/headline-news/sunbelt-rentals-increases-fiscal-first-half-revenue-167-percent
