24.06.2008

Ashtead confirms Technology sale

The Ashtead group, owner of Sunbelt and A-Plant has sold its Ashtead Technology business for £95.6 million in cash to a Management Buy Out led by Andy Doggett, managing director and Andy Holroyd, president of North America and backed by Phoenix Equity Partners.

Ashtead Technology Rentals rents electronic equipment to the offshore oil and gas sector and the environmental monitoring and testing industry from 14 locations in the UK, North America and Singapore.

The business has assets of £22.2 million and contributed £6.2 million of profit to the Group for its full year to the end of April 2007.

Geoff Drabble, chief executive of the Ashtead Group,
said: 'We believe that this transaction is attractive for our shareholders and leaves us focused on our two core businesses, Sunbelt Rentals and A-Plant. The proceeds from the Disposal will be used to reduce Ashtead's outstanding net debt, having regard to the Board's overall strategy of managing the capital structure conservatively. The Board would like to thank the management and
employees of Ashtead Technology Rentals for the valuable contribution that they have made to the Group over the past 18 years.'