Management duo buy Ashtead subsidiary
Article Date: Jun 27 2008The managing director of an electrical equipment rental supplier to the offshore oil and gas sector has teamed up with the president of its North American operations to buy the business. Andy Doggett and Andy Holroyd now lead Ashtead Technology Rentals after winning the backing of Phoenix Equity Partners.
The deal is worth some £95.6 million, which was paid in cash on completion. This is the eighth investment made from Phoenix’s £375 million fund since 2006.
The company was sold by Ashtead Group, which will use the proceeds to reduce its debt. Ashtead chief executive Geoff Drabble believes the sale will enable the group to focus on its Sunbelt Rentals and A-Plant businesses.
Phoenix managing partner Hugh Lenon says that this is the firm’s third deal in the business services sector in the past two years, adding, 'We will invest in the expansion of the business with the objective of continuing the track record of impressive growth witnessed over the last few years.'
Ashtead Technology Rentals operates from 14 locations in the UK, North America and Singapore. Its equipment is used in subsea positioning, environmental monitoring, non-destructive testing and remote visual inspection.
