Sunbelt Rentals has acquired the assets of MSP Equipment Rentals, based in New Castle, Del., among other recent Ashtead acquisitions. Rental industry transaction advisor The Stansberry Firm LLC represented MSP in the transaction.
MSP, founded in 1995 by Mike Cassidy, primarily rents reach forklifts, boomlifts and scissorlifts. MSP, which also has a branch in Laurel, Del., services the Philadelphia metro area, the entire state of Delaware, southern New Jersey and northern Maryland. The NSP operations team will join Sunbelt, although Cassidy will focus on other business interests.
“The Stansberry Firm immediately got my attention at our initial meeting and tour of my facilities,” Cassidy said. “The Stansberry Firm’s blend of industry, operational, financial and equipment expertise greatly streamlined the process and resulted in multiple bona fide offers.”
Sunbelt acquired MSP for a cash consideration of about $23 million.
Sunbelt Rentals also recently acquired the business and assets of Los Angeles-based Noble Rents. And in late May Sunbelt acquired the business and assets of RGR Equipment LLC, based in St. Louis and headed by rental industry veterans Dan Tumminello and Joe Alonzo, for a cash consideration of $58 million.
Sunbelt’s U.K. sister company A-Plant acquired the entire share capital of Plantfinder, an aerial work platform rental business in Scotland, for £24 million in cash (about U.S. $30.5 million).