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.
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"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.
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