23.05.2005

Ashtead acquires HSS locations

Ashtead Group plc has announced that its US subsidiary, Sunbelt Rentals, has acquired the Southern Florida operations of HSS RentX for approximately $1.7 million, subject to adjustment dependent on asset verification at closing.
Revenues for these HSS operations was approximately $4.5 million in the year to 28 February 2005.

Sunbelt currently operates seven locations in the Miami, Fort Lauderdale and West Palm Beach markets. This acquisition, will add a further five centres. Ashtead says that it “will largely complete the process of clustering these markets”.

In addition the Group expects to acquire one of the properties from which the business operates for a further consideration of approximately $800,000 subject to completion of satisfactory environmental inspections.