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
