Sunbelt Rentals and its U.K. sister company A-Plant completed 12 acquisitions during its fiscal year 2016 for a total cash consideration of £65 million (about U.S. $92 million) and have added four more in the past month and a half for about the same amount.
During its recently concluded fiscal year, Ashtead pulled the trigger on the following deals:
- On May 29, 2015, Sunbelt acquired the business and assets of C. Rowland Enterprises, trading as Air Systems Sales & Rentals for about $2 million, with additional payment depending on revenue. Air Systems is a climate control business in Oregon;
- On Aug. 28, 2015, Sunbelt acquired Dover Rent-All in Delaware, a general rental firm, for about $2 million;
- On Oct. 1, 2015, Sunbelt acquired Pinnacle Rentals and Pinnacle Tool & Supply Ltd for about $24 million. Pinnacle is an industrial equipment business in Texas;
- On Oct. 2, 2015, A-Plant acquired Fraluk Ltd. for about £1 million, a climate control business in the U.K.;
- On Oct. 9, 2015, Sunbelt acquired The Rental Store, a general equipment company in Alberta, Canada, for close to $1 million;
- On Oct. 28, 2015, A-Plant acquired G.B. Access Ltd., an access rental specialist in the U.K. for £6 million, with an additional £1 to be paid during the following year;
- On Dec. 1, 2015, A-Plant acquired Euremica Ltd., a specialist test instrumentation service provider, for £0.8 million;
- Also on Dec. 1, Sunbelt acquired certain business and assets of Saskatchewan Ltd., trading as Handy Rental Centre, a general rental business, for £6 million;
- On Dec. 31, Sunbelt acquired Okotoks Rentals for £16 million, with contingent consideration of up to £1 million over the next two years. Okotoks is a general equipment rental business in Alberta, Canada;
- On Jan. 7, 2016, Sunbelt acquired Richardson Equipment Rentals for $9 million, a general equipment rental company in Glendale, Calif.;
- On Jan. 18, 2016, A-Plant acquired Rapid Climate Control Ltd. for £3 million;
- On April 1, 2016, Sunbelt acquired New Orleans-based Equipco for $10 million.
Sunbelt and A-Plant have continued to be active on the acquisition trail since the end of fiscal 2016.
- On May 2, Sunbelt acquired the business and assets of I&L Rentals for $67 million, a general equipment rental business in Hawaii. I&L was founded by Ira Mendelsohn and Larry Grasse in 2010 and grew to become the largest equipment rental company serving the Hawaiian islands, with a wide range of construction equipment. Customers include industrial accounts and contractors serving commercial, military and municipal markets. Craft Parnters served as the exclusive financial advisor to I&L;
- On May 20, Sunbelt acquired LoadBanks of America, a division of Austin Welder & Generator Services for $6 million in cash. LBA provides testing solutions for power systems;
- Also on May 20, A-Plant acquired the business and assets of Mather & Stuart Ltd., a temporary power rental business for £7 million;
- On June 6, Sunbelt acquired Portable Rental Solutions and One Source Cooling, a temporary heating and cooling business in Texas for $10 million.
Based in Fort Mill, S.C., Sunbelt Rentals is No. 2 on the RER 100.