Ashtead Technology Undergoes Management Buy-out
Aberdeen based Ashtead Technology Rentals Ltd. has announced a management buy-out from Ashtead Group plc in a deal worth £95.6 million.
Backed by private equity firm, Phoenix Equity Partners, the buy-out, led by Andy Doggett, Managing Director and Andy Holroyd, President of North America will enable Ashtead Technology Rentals to drive future growth.
As an independent business and with additional financial backing, Ashtead Technology is focused on growing the services offered to the offshore oil and gas, environmental monitoring and inspection sectors. Ashtead Technology’s highly experienced and motivated workforce look forward to continuing to meet its customers’ needs on a global basis and to providing high-technology rental equipment that can be relied upon to operate in the most demanding environments.
Rental locations in Aberdeen, Houston and Singapore offer and provide technical support for a fleet of state-of-the-art equipment. With a proven range of instruments representing the best in the offshore industry, Ashtead Technology Rentals has one of the world’s largest fleet of hydrographic, oceanographic, subsea positioning, navigation, geophysical, diving, ROV and survey equipment. In addition to a range of advanced Non-Destructive Testing (NDT) and Remote Visual Inspection (RVI) instruments.
A further 11 onshore rental locations across the US, Canada, UK and Singapore, provide and support a wide range of sophisticated equipment for environmental monitoring, NDT and RVI.
As part of the agreement, Brian Long has joined Ashtead Technology Rentals as new company Chairman. Brian has a long and successful track record of chairing private equity backed businesses, including Moody International and the Alex Stewart Group.
"The management buy out of Ashtead Technology Rentals represents an exciting opportunity for the team. This gives our business a tremendous platform from which to deliver the next phase of development and growth. We are very excited to be working alongside Phoenix as they have a proven pedigree in growing, supporting and developing UK headquartered businesses with ambitious international growth plans," Managing Director Andy Doggett.
Chris Hanna, partner at Phoenix, said, "We are delighted to have the opportunity to acquire Ashtead Technology Rentals, a clear leader in its market with a strong customer base and a number of exciting opportunities for growth. The management team have done an outstanding job in building a truly impressive business and we are delighted to have the opportunity to work in partnership with them over the coming years to develop the business further."