Ashtead Group PLC Acquisition of CRS Contractors Rental Supply (4696L)
19 July 2017 - 5:00PM
UK Regulatory
TIDMAHT
RNS Number : 4696L
Ashtead Group PLC
19 July 2017
19 July 2017
Ashtead Group plc
Acquisition of CRS Contractors Rental Supply
Ashtead Group plc announces that its North American business,
Sunbelt Rentals, has signed an agreement to acquire CRS Contractors
Rental Supply (CRS) for an initial cash consideration of C$275m
with an additional earn out of up to C$20m dependant on future
performance. CRS is a leading provider of rental equipment in
Ontario, Canada employing over 400 people across 28 locations. The
acquisition, which is subject to certain regulatory approvals, is
expected to complete in the next few weeks.
Geoff Drabble, chief executive of Ashtead, commented:
"This acquisition is a significant next step in developing
Sunbelt's position in Canada and our first move into the important
Ontario market. I look forward to welcoming all of the CRS
employees who will be joining Sunbelt as part of the acquisition
and to working with them to deliver on the major opportunities
ahead."
Further enquiries:
Becky Mitchell/Tom Eckersley,
Maitland +44 (0)20 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
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