Ashtead buys US rental equipment company for £279m
Industrial equipment rental company Ashtead Group has bought New York-based Pride Equipment Corporation for £279m.
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The FTSE 100 company's US subsidiary Sunbelt Rentals bought Pride to further enhance its position in the New York City market with a complementary firm renting smaller and medium sized equipment, which offers cross selling opportunities.
Ashtead chief executive Geoff Drabble said: "This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions."
Pride co-founders Charlie Noto Sr. and John Noto added there is likely to be growth for Pride in the next few years, and they felt it was time to align itself with a firm which has resources and scale.