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
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.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Filtronic: a UK success story cashing in on the space race
Filtronic has become an all-too-rare Aim success story since it moved down to the junior market
-
How to use SAYE and SIP schemes to multiply your money
Employers’ savings or share-incentive plans like SAYE and SIP schemes can help top up your pension