Ashtead’s Sunbelt acquires Pride Equipment
By Joe Malone03 April 2017
Ashtead Group has announced that its US business, Sunbelt Rentals, has acquired Pride Equipment Corporation in a deal worth US$279 million (€261.64 million).
Pride Equipment Corp is a US-based provider of rental equipment – mainly aerial work platforms (AWPs) – to the construction, industrial and movie production industries. The company operates in New York City and surrounding areas.
Geoff Drabble, Ashtead Group CEO, said, “This acquisition further enhances Sunbelt’s position in the important New York City market. Pride’s focus on aerial equipment is complementary to Sunbelt’s capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base.
“This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions.”
He added his welcome to all Pride employees and said he looked forward to working with them to deliver on major opportunities ahead.
Meanwhile, co-founders of Pride, Charlie Noto and John Noto, said, “We are proud of the company our entire team has built over the last 47 years, and grateful for the customers who have consistently entrusted us to meet their needs.
“Facing probably the most exciting growth in the company’s history over the next few years, we felt it was time for Pride to align itself with a firm which has the resources and scale to allow the business to even better serve our customers’ ever-expanding needs.”
The co-founders added that they felt confident Pride would continue to flourish within the Sunbelt organisation.
The gold standard in market research
Off-Highway Research offers a library of more than 200 regularly updated reports, providing forensic detail on key aspects of the construction equipment industry.
Our detailed insights and expert analyses are used by over 500 of the world’s largest and most successful suppliers, manufacturers and distributers, to inform their strategic plans and deliver profitable growth.