Ashtead Group buys specialist rental firm

Ashtead Group has acquired Accession, a UK specialist rental provider of temporary access solutions and traffic management to the events and industrial sectors.

The business was bought for £28m in cash, with a further £7.0m to be paid if Accesion's profits hit a certain target in the year to March 28th 2014.

Geoff Drabble, Chief executive, said: "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.

"It also provides us with cross-selling opportunities to further improve our existing business."

For the year to the end of March 2012, the business earned revenue of £26m.

NR