18.10.2005

Ashtead buy Northridge

Ashtead Group plc, owner of Sunbelt in the USA and A-plant in the UK, has acquired Northridge Equipment Services Inc from the Groff family for a $69.6 million (£39.7 million).

Northridge operates five rental locations in southern and central California and is headquartered in Northridge on the north side of Los Angeles), branches are located at Bakersfield, Lompoc, Fresno and Palmdale.

In the year to 30 September 2005, Northridge reported total revenues of $38.3 million, EBITDA of $12.9 million and profit before tax of $6.2 million. The net book value of its total assets is $38 million and the business has been acquired debt free.

“Northridge is a strong business with five stores which are well established in their local markets. Its acquisition significantly strengthens Sunbelt’s presence in central and southern California and continues our strategy of focusing on the development of significant clusters of conveniently located stores in attractive markets. We have invested $100 million so far this year on acquisitions that extend Sunbelt's presence in attractive US markets.” Said George Burnett, Ashtead’s chief executive.