11/6/2022 0 Comments Ashtead hypack rental"Based on fibre-optic gyroscope technology, iXblue navigation solutions have become a standard in the offshore industry. The investment includes the addition of further Rovins and Rovins Nano inertial navigation systems as well as Octans attitude and heading reference systems which are now available to rent throughout the company’s nine international technology and service hubs, Ashtead said." We have invested $100 million so far this year on acquisitions that extend Sunbelt's presence in attractive US markets.UK-based subsea equipment rental and solutions specialist Ashtead Technology said Monday it had strengthened its rental fleet with "a significant investment" in iXblue subsea navigation systems. 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. “Northridge is a strong business with five stores which are well established in their local markets. George Burnett, Ashtead’s chief executive commented: Since the start of our financial year on, Sunbelt has now acquired a total of 15 stores whose annual revenues exceed $64 million and has opened a further three new stores on a greenfield basis. This acquisition brings the number of stores operated by Sunbelt in the central and southern California markets to 10. Excluding certain one time costs and gains which will not be incurred in future, Northridge’s adjusted EBITDA for the year ended 30 September 2005 was $14.8 million and the ratio of the consideration to adjusted EBITDA was 4.7 times. The acquisition consideration was financed through the Group’s existing credit facilities. The book value of its total assets at that date was $38.6 million and the business has been acquired debt free. In the year to 30 September 2005 Northridge reported total revenues of $38.3 million, EBITDA of $12.9 million, EBITA of $6.4 million and profit before tax of $6.2 million. Its market coverage includes a geographic area with a population of over 13 million (c37% of California’s total population) containing three of the top 65 metropolitan areas in the US. Northridge operates five rental stores in southern and central California based in Northridge (northern Los Angeles), Bakersfield, Lompoc, Fresno and Palmdale. Within Investors you can access results and reports, regulatory news, share price and shareholder information, as well as a host of investor tools and resources.Īccess Ashtead Group's latest company news and regulatory news announcements.Īshtead Group plc, the equipment rental group serving the US and UK construction, industrial and homeowner market, announces that its US subsidiary, Sunbelt Rentals, has acquired Northridge Equipment Services Inc (“Northridge���) from the Groff family for a total consideration of $69.6 million (£39.7 million). Our operational mantra of delivering availability, reliability and ease is backed up by taking responsibility in everything we do. We operate mainly in the US, Canada and UK, under the brand name Sunbelt Rentals. Grow General Tool and advance our clusters.Our objective is to deliver sustainable value and above average performance across the economic cycle.
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