Management Buyout of Ashtead Technology Rentals
January 30, 2009
HOUSTON-Ashtead Technology Rentals Ltd., a high-technology rental equipment supplier, has announced that its management team, with backing from Phoenix Equity Partners, has acquired the business in a $183.7 million management buyout from Ashtead Group plc. Andy Holroyd, president of North American operations, and Andy Doggett, managing director, led the buyout.
As an independent business, and with additional financial backing, Ashtead is focused on growing its services offered to the inspection and environmental monitoring sectors, as well as the offshore oil and gas industry. Ashtead’s 10 rental locations across the United States and Canada provide and support a fleet of equipment for environmental monitoring, nondestructive testing, remote visual inspection and specialty gas, while the Houston, Aberdeen (Scotland) and Singapore locations stock a range of offshore equipment including subsea positioning and sea bed mapping.