London equipment rental company makes $279m New York acquisition
Ashtead Group plc announces that its US business, Sunbelt Rentals, has acquired Pride Equipment Corporation for $279m.
An international equipment rental company, Ashtead has national networks in the US and the UK.
Pride is a major provider of rental equipment in New York City and surrounding areas specialising largely in aerial work platforms to the construction, industrial and movie production industries.
Ashtead’s chief executive Geoff Drabble, explained that the acquisition further enhances Sunbelt’s position in the New York City market.
He explained: “Pride’s focus on aerial equipment is complementary to Sunbelt’s capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base.
“This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions.
“I would also like to welcome all of the Pride employees who will be joining Sunbelt as part of the acquisition and look forward to working with them to deliver on the major opportunities ahead.”
Co-founders of Pride, Charlie Noto, Sr., and John Noto commented: “We are proud of the company our entire team has built over the last 47 years, and grateful for the customers who have consistently entrusted us to meet their needs.
“Facing probably the most exciting growth in the company’s history over the next few years, we felt it was time for Pride to align itself with a firm which has the resources and scale to allow the business to even better serve our customers’ ever-expanding needs.”
He added: “We feel extremely confident that Pride will continue to flourish within the Sunbelt organization.”