Management Buyout of Ashtead Technology Rentals
September 24, 2008
HOUSTON - Ashtead Technology Rentals Ltd, a high-technology rental equipment supplier specializing in the supply of rental equipment for offshore positioning and surveying, remote visual inspection, nondestructive testing and environmental monitoring, announces that its management team, with backing from Phoenix Equity Partners, have successfully acquired the business in a $183.7 million management buyout from Ashtead Group plc. The buyout was led by Andy Holroyd, president of North American Operations and Andy Doggett, managing director.
As an independent business, and with additional financial backing, Ashtead is focused on growing the services offered to the inspection and environmental monitoring sectors, as well as the offshore oil and gas industry. Ashtead Technology’s highly experienced and motivated workforce looks forward to continuing to meet its customers’ needs and to providing high-technology rental equipment that can be relied upon to operate in the most demanding environments.
Ashtead’s 10 rental locations across the US and Canada provide and support an expansive fleet of sophisticated equipment for environmental monitoring, nondestructive testing, remote visual inspection and specialty gas, while the Houston, Aberdeen and Singapore locations stock a vast range of offshore equipment including subsea positioning and sea bed mapping – allowing the operator to find, place or retrieve almost anything on or under the sea.
As part of the agreement, Brian Long has joined Ashtead Technology Rentals in the position of Chairman. Brian has a successful track record of chairing private equity backed businesses, including Moody International and the Alex Stewart Group.