Management buyout of Ashtead Technology Rentals
15/08/2008
Ashtead Technology Ltd has announced that its management team, with backing from Phoenix Equity Partners, has successfully acquired the business in a £95.6 million management buyout from Ashtead Group plc. The buyout was led by Andy Doggett, Managing Director, and Andy Holroyd, President of North American operations.As an independent business and with additional financial backing, Ashtead Technology is focused on growing the services offered to industrial testing and monitoring sectors. Ashtead Technology's highly experienced and motivated workforce look forward to continuing to meet its customers' needs on a global basis and to providing high-technology rental equipment that can be relied upon to operate in the most demanding environments.
Commenting on the transaction, James Carlyle of Ashtead Technology told NDT News: "Our instrument rental business has grown very quickly over the last three years and we are delighted that Phoenix has invested in our business to ensure that this growth continues.
"There are three main factors underpinning our growth: firstly, a much broader spectrum of clients are looking for the benefits that renting provides over capital expenditure, especially in the current economic climate; secondly, the markets for test equipment are growing – especially in quality control, environment and health and safety; and thirdly, we have taken market share from our competitors as a result of the investments that we have made in the latest technologies."
Operating from 14 rental locations across the UK, US, Canada and Far East, Ashtead Technology provides and supports a wide range of sophisticated equipment for environmental monitoring, non-destructive testing and remote visual inspection.
As part of the transaction, Brian Long has joined Ashtead Technology Rentals in the position of Chairman. Brian has a long and successful track record of chairing private equity backed businesses, including Moody International and the Alex Stewart Group.
Andy Doggett, Managing Director of Ashtead Technology Rentals, commented: "The management buyout of Ashtead Technology Rentals represents an exciting opportunity for the team. This gives our business a tremendous platform from which to deliver the next phase of development and growth. We are very excited to be working alongside Phoenix as they have a proven pedigree in growing, supporting and developing UK headquartered businesses with ambitious international growth plans."
Chris Hanna, Partner at Phoenix, said: "We are delighted to have the opportunity to acquire Ashtead Technology Rentals, a clear leader in its markets with a strong customer base and a number of exciting opportunities for growth. The management team have done an outstanding job in building a truly impressive business and we are delighted to have the opportunity to work in partnership with them over the coming years to develop the business further."
