Ashtead makes bolt-on acquisition in US
Equipment rental group Ashtead has acquired Philadelphia-based peer Topp Construction Services and its related company Precision Steel Works.
Equipment rental group Ashtead has acquired Philadelphia-based peer Topp Construction Services and its related company Precision Steel Works.
The two companies have been bought for a total consideration of $33.5m in cash, which included the among paid to settle Topp's net debt at closing.
Topp is a rental provider of portable air conditioning, heating and dehumidification equipment, while Precision runs a small assembly and manufacturing facility in support of Topp's business. It has been acquired by Ashtead's US subsidiary Sunbelt Rentals.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"We are delighted to conclude this acquisition in line with our long term strategy of developing high value added speciality businesses which broaden our product offering and the markets we serve," said Ashtead's Chief Executive Geoff Drabble.
The acquired businesses generated a combined pre-tax profit of $4.5m in 2011 and gross assets totalled $10.5m.
BC
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Can I shield my ISAs from inheritance tax?
Many investors and savers will be wondering if there’s anything they can do to protect their ISAs from inheritance tax, especially as pensions will become liable for the levy from April 2027. We reveal the options available to ISA customers
By Ruth Emery
-
What is the average salary by age – and how do you compare?
Are you making more than your peers? We look at the average salary by age to see how much the typical Brit earns at different stages of their life
By Daniel Hilton