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Bids, Mergers and Takeovers

Ashtead's Sunbelt Rentals to acquire CRS

19 July 2017 08:04

Ashtead's North American business, Sunbelt Rentals, has ageed to acquire CRS Contractors Rental Supply for an initial cash consideration of C$275m with an additional earn out of up to C$20m depending on future performance.

CRS is a leading provider of rental equipment in Ontario, Canada employing over 400 people across 28 locations.

The acquisition, which is subject to certain regulatory approvals, is expected to complete in the next few weeks.

Ashtead chief executive Geoff Drabble said: "This acquisition is a significant next step in developing Sunbelt's position in Canada and our first move into the important Ontario market.

"I look forward to welcoming all of the CRS employees who will be joining Sunbelt as part of the acquisition and to working with them to deliver on the major opportunities ahead."

At 8:04am: (LON:AHT) Ashtead Group PLC share price was +16p at 1647p

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