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Bids, Mergers and Takeovers

Ashtead's Sunbelt Rentals acquires Pride Equipment

03 April 2017 07:57

Ashtead Group's US business, Sunbelt Rentals, has acquired Pride Equipment Corporation for $279m in cash.

Pride is a major provider of rental equipment in New York City and surrounding areas specialising largely in aerial work platforms to the construction, industrial and movie production industries.

Ashtead chief executive Geoff Drabble said: "This acquisition further enhances Sunbelt's position in the important New York City market.

"Pride's focus on aerial equipment is complementary to Sunbelt's capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base.

"This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions.

"I would also like to welcome all of the Pride employees who will be joining Sunbelt as part of the acquisition and look forward to working with them to deliver on the major opportunities ahead."

Story provided by StockMarketWire.com

Related Company: AHT

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