03.04.2012

Ashtead acquires Topp

Sunbelt, the US rental business owned by Ashtead has acquired Topp Construction Services and its related manufacturing company, Precision Steel Works, for $33.5 million in cash.

Topp is based in Philadelphia with 15 other branches located in or near key population centres across the United States and is a specialist rental provider of portable air conditioning, heating and dehumidification equipment. It was owned by Daniel Topp, who has agreed a consultancy agreement with Sunbelt to assist in the post acquisition transition.

Precision runs a small assembly and manufacturing facility in support of Topp's business. In 2011 the combined business had pre-tax profits of $4.5 million and gross assets of $10.5 million.

Ashtead chief executive Geoff Drabble, said: "We are delighted to conclude this acquisition in line with our long term strategy of developing high value added speciality businesses which broaden our product offering and the markets we serve."