Houston, Texas - Ashtead Technology Rentals Ltd, a leading high-technology rental equipment supplier, is delighted to announce that its management team, with backing from Phoenix Equity Partners, have successfully acquired the business in a $183.7 million management buyout from Ashtead Group plc. The buyout was led by Andy Holroyd, President of North American Operations and Andy Doggett, Managing Director.
As an independent business, and with additional financial backing, Ashtead is focused on growing the services offered to the inspection and environmental monitoring sectors, as well as the offshore oil and gas industry. Ashtead Technology’s highly experienced and motivated workforce looks forward to continuing to meet its customers’ needs and to providing high-technology rental equipment that can be relied upon to operate in the most demanding environments.
Commenting on the transaction, Andy Holroyd states, “I am looking forward to the future; we have some exciting times ahead of us with an eye on growing the business into an even larger global player than we are today. This new partnership offers a tremendous opportunity for Ashtead. With Phoenix providing the support we need to take the business on to the next level, I am confident that we can develop an even greater presence in the rental industry by broadening our territories and extending our reach into areas that we may have not been able to consider otherwise.”
Ashtead’s 10 rental locations across the US and Canada provide and support an expansive fleet of sophisticated equipment for environmental monitoring, non-destructive testing, remote visual inspection and specialty gas, while the Houston, Aberdeen and Singapore locations stock a vast range of offshore equipment including subsea positioning and sea bed mapping – allowing the operator to find, place or retrieve almost anything on or under the sea.
As part of the agreement, Brian Long has joined Ashtead Technology Rentals in the position of Chairman. Brian has a successful track record of chairing private equity backed businesses, including Moody International and the Alex Stewart Group.
Andy Doggett commented: "The management buyout of Ashtead Technology Rentals represents an exciting opportunity for the team. This gives our business a tremendous platform from which to deliver the next phase of development and growth. We are very excited to be working alongside Phoenix."
Chris Hanna, Partner at Phoenix, said: "We are delighted to have the opportunity to acquire Ashtead Technology Rentals, a clear leader in its markets with a strong customer base and a number of exciting opportunities for growth. The management team has done an outstanding job in building a truly impressive business and we are delighted to have the opportunity to work in partnership with them over the coming years to develop the business further.“