Ashtead Group has announced that its US business, Sunbelt Rentals, has acquired Pride Equipment Corporation in a deal worth US$279 million (€261.64 million).
Pride Equipment Corp is a US-based provider of rental equipment – mainly aerial work platforms (AWPs) – to the construction, industrial and movie production industries. The company operates in New York City and surrounding areas.
Geoff Drabble, Ashtead Group CEO, said, “This acquisition further enhances Sunbelt’s position in the important New York City market. Pride’s focus on aerial equipment is complementary to Sunbelt’s capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base.
“This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions.”
He added his welcome to all Pride employees and said he looked forward to working with them to deliver on major opportunities ahead.
Meanwhile, co-founders of Pride, Charlie Noto and John Noto, said, “We are proud of the company our entire team has built over the last 47 years, and grateful for the customers who have consistently entrusted us to meet their needs.
“Facing probably the most exciting growth in the company’s history over the next few years, we felt it was time for Pride to align itself with a firm which has the resources and scale to allow the business to even better serve our customers’ ever-expanding needs.”
The co-founders added that they felt confident Pride would continue to flourish within the Sunbelt organisation.