07.06.2017

Ashtead acquires Plantfinder

We can finally confirm that that A-Plant - the UK division of Ashtead - has acquired access rental company Plantfinder (Scotland) for £24 million in cash.

The deal was apparently completed late last week, but in spite of our enquires which began last week, Ashtead has declined to comment or confirm. However we do now have categorical confirmation that the deal has gone ahead.

Plantfinder had revenues last year of £10.5 million with a pre-tax profit of £1.4 million. Total assets totalled over £15 million. It operates from locations in Dundonald, near Kilmarnock and Newbridge to the east of Edinburgh.

The company was owned by Caron and Lawrence Dalgleish. A letter to customers from A-Plant states that Plantfinder will continue to trade as normal with no change to any existing arrangements, and that the current management will remain in place. The business will though be integrated into the A-Plant organisation.

Plantfinder was established by Dalgleish in 1988 and runs a fleet of over 1,800 aerial lifts according to the latest Cranes & Access Top 30 UK/Irish Rental company report along with a number of telehandlers. This will give A-Plant a combined fleet of over 5,000 units making it the fourth largest in the country.
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Vertikal Comment

This has taken a good few days to confirm, we had it on good authority that a deal had been done but it has taken until now to confirm it beyond all doubt. Letters to customers being the final piece of information.

This looks like a good move for both parties. Ashtead/A-Plant will see a significant boost to its access fleet and its market share in Scotland. Plantfinder is also slightly unusual in that it has a large number of loyal long term customers who do not always shop around, preferring a long term or contract hire type of relationship. This could give A-Plant access to a first rate new range of customers for its other products.

Dalgleish is only 61 - a good time to secure the value he has built up in the business over the years - yet young enough to stay involved if that is what is agreed. Obviously with the transaction itself not yet formally disclosed, we have no details of the deal itself. But the company is in excellent shape and Dalgleish is a tough negotiator so you can be sure that it did not come at a bargain basement price.