Management Buyout of Ashtead Technology Rentals

Ashtead Technology (UK), a leading high-technology rental equipment supplier, is delighted to announce that its management team, with backing from Phoenix Equity Partners, has successfully acquired the business in a £95.6 million management buy-out from Ashtead Group plc. The buyout was led by Andy Doggett, Managing Director and Andy Holroyd,
President of North American operations.
As an independent business and with additional financial backing, Ashtead Technology is focused on growing the services offered to industrial testing and monitoring sectors. Ashtead Technology`s highly
experienced and motivated workforce look forward to continuing to meet its customers` needs on a global basis and to providing high-technology rental equipment that can be relied upon to operate in the most demanding environments.
Commenting on the transaction, James Carlyle of Ashtead Technology said: "Our instrument rental business has grown very quickly over the last three years and we are delighted that Phoenix has invested in our business to ensure that this growth continues."
"There are three main factors underpinning our growth; 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."