A management decision to acquire hi-tech instrument rental supplier Ashtead Technology is expected to boost company growth.
The £95.6m management buy-out deal led by managing directors Andy Doggett and Andy Holroyd, who is also president of North American operations, is set to help the company grow services offered to industrial testing and monitoring sectors.
"There are three main factors underpinning our growth," said James Carlyle of Ashtead Technology. "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."
As part of the transaction, Brian Long joins Ashtead Technology Rentals as the new chairman. He has experience chairing private equity backed businesses.
Ashtead Technology operates from 14 rental locations across the UK, US, Canada, and Far East. The acquisition has been backed by Phoenix Equity Partners.
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."