Ashtead last week sold its Ashtead Technology Rentals to a management-led buyout backed by Phoenix Equity Partners Ltd for about £95.6 million (about U.S. $190 million) cash.
Ashtead Technology Rentals rents electronic equipment to the offshore oil and gas sector and the environmental monitoring and testing industry and operates from 14 locations in the United Kingdom, United States and Singapore. The applications for its rental equipment include subsea positioning, remotely operated vehicle sensors, environmental monitoring, non-destructive testing and remote visual inspection.
ATR had £26.5 million in revenue in fiscal 2008.
The management of Ashtead Technology Rentals including managing director Andy Doggett and president of the North American division Andy Holroyd led the buyout and will manage the business under the new ownership.
Ashtead chief executive Geoff Drabble said the sale allows Ashtead to focus on its core businesses, Sunbelt Rentals and A-Plant.
“The proceeds from the disposal will be used to reduce Ashtead’s outstanding net debt,” said Drabble.