ASHTEAD TECHNOLOGY acquired by Phoenix Equity Partners
Context
Ashtead Group sold Ashtead Technology Rentals in June 2008 to a management buyout backed by Phoenix Equity Partners, at an enterprise value of £95.6M in cash. The business generated revenue of in its 2008 financial year and rented electronic instruments to the offshore oil and gas sector and to the environmental monitoring and testing industry, operating from 14 locations in the United Kingdom, the United States and Singapore. The buyout was led by managing director Andy Doggett and Andy Holroyd, president of the North American division, who continued to run the business under the new ownership. Ashtead Group chief executive Geoff Drabble said the sale allowed the group to concentrate on its core rental businesses, Sunbelt Rentals and A-Plant, and that the proceeds would be used to reduce its net debt.
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Target
Ashtead Technology rents and sells subsea equipment and provides the services that go with it to the offshore energy industry. Its fleet covers survey and robotics equipment, diving and subsea tooling, lifting and deployment machinery, and instruments used to inspect pipelines and assess the integrity of underwater structures. Customers hire this equipment for the length of a campaign, with the group preparing it, providing engineering support and supplying technical personnel offshore, and they can also buy new or used equipment outright. Its customers are operators, contractors and service companies working on offshore oil and gas and offshore wind infrastructure, served from facilities in the United Kingdom, Norway, the United States, Canada, the United Arab Emirates and Singapore.
Ent. Value
FREE VIEW95.6M GBP
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (GBP)
Other operations with ASHTEAD TECHNOLOGY
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2026 | ASHTEAD TECHNOLOGY | SEADRAULICS | AUSTRALIA | Equipment Rental |
| 11/2024 | ASHTEAD TECHNOLOGY | SEATRONICS | UNITED KINGDOM | Equipment Rental |
| 11/2023 | ASHTEAD TECHNOLOGY | ACE WINCHES | UNITED KINGDOM | Equipment Rental |
| 09/2019 | ASHTEAD TECHNOLOGY | UNDERWATER CUTTING SOLUTIONS | UNITED KINGDOM | Equipment Rental |
| 04/2019 | ASHTEAD TECHNOLOGY | AQUA-TECH SOLUTIONS | UNITED STATES | Equipment Rental |
| 10/2018 | ASHTEAD TECHNOLOGY | WELAPTEGA | CANADA | TIC (Testing, Inspection, Certification) |
REFERENCES
Valuation range: EV 50M - 150M GBP
Revenue range: 10M - 30M GBP
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: ashtead technology
Acquirer: phoenix equity partners