Sunbelt enters Canada
By Helen Wright16 December 2014
Ashtead’s US operation Sunbelt Rentals has expanded into Canada with the acquisition of general tool business GWG Rentals for £16 million (€20 million).
Based in western Canada, GWG has six outlets offering equipment including aerial platforms, compaction machinery, material handling equipment, earthmoving equipment, generators and heaters, and lawn and garden rentals.
The deal included a deferred consideration of up to £4m (€17.6 million) payable over the next three years depending on profitability.
The GWG acquisition was sealed after the company’s first half results were calculated, together with a string of other smaller acquisitions – in the US, Sunbelt acquired Utah-based oil and gas industry rental companies Select Equipment and High Lakes Leasing for £9 million (€11.3 million), while in the UK A-Plant acquired the business and assets of Balfour Beatty Equipment Services Limited for £0.5 million (€0.6 million).
Expansive UK-headquartered rental company Ashtead – which also owns the A-Plant brand – spent £107 million (€135 million) on bolt-on acquisitions during the first half of the year. It said it was continuing to expand its footprint and diversify into specialty markets.