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Ashtead sells Ashtead Technology Rentals to MBO team for 95.6 million pounds

Mon, 23rd Jun 2008 19:36

LONDON (Thomson Financial) - Ashtead Group Plc. said it has sold Ashtead T
echnology Rentals to a management-led buyout backed by Phoenix Equity Partners Ltd. for a total amount of some 95.6 million pounds, payable in cash on completion.

The disposal follows a strategic review of Ashtead Technology Rentals, as a result of which the Ashtead board concluded that the business was not core and sought a disposal. Completion of the disposal is expected to take place shortly, the group added.

The management of Ashtead Technology Rentals, including managing director Andy Doggett and president of North America Andy Holroyd will continue to manage the business under its new ownership, the company said.

Geoff Drabble, chief executive of Ashtead Group said: 'We believe that this transaction is attractive for our shareholders and leaves us focused on our two core businesses, Sunbelt Rentals and A-Plant.' The proceeds from the sale will be used to reduce Ashtead's outstanding net debt, he added.

Ashtead Technology Rentals had segment assets of 22.2 million pounds, segment liabilities of 4.1 million pounds and contributed 6.2 million pounds of profit to the Ashtead Group's overall profit before taxation, amortisation and exceptionals in the year ended April 30, 2007.



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