Amplify Specialty
Our second actionable component is to amplify our Specialty businesses which focus on products with comparatively low rental penetration in predominantly non-construction markets. These products are often a natural add-on to our General Tool products and services. We are always looking for new rental opportunities and to expand the number of our Specialty businesses which in North America include:
- Power and HVAC
- Climate Control and Air Quality
- Scaffold Services
- Flooring Solutions
- Pump Solutions
- Lighting, Grip & Lens
- Ground Protection
- Industrial Tool
- Shoring Solutions
- Temporary Structures
In North America we are investing in fleet to enable existing location growth as well as continuing our greenfield openings and bolt-on acquisitions. We are scaling the less developed business lines and identifying and exploring and developing new white and grey space opportunities. A good example of grey space was our acquisition of Mahaffey in December 2021, establishing our tenth Specialty business line, Temporary Structures.
Our Specialty businesses are true specialisms with in-house experts in each business line with in-depth product and application knowledge, who enable us to provide the very best level of service to our customers.
We are looking to grow our North American Specialty revenue to c. $2.4bn during Sunbelt 3.0 through our ambitious plans to drive rental penetration and increase our market share. We have made significant progress in the first year of Sunbelt 3.0 with revenue of $2.0bn. We have a broad-based team identifying new rental product ideas for both existing and new businesses, and a culture that encourages ideas at all levels of the organisation building entrepreneurialism with scale.
In the UK we are making targeted fleet investment, accelerating Specialty growth through cross-selling and also identifying and developing new opportunities. In the UK we are already seeing significant growth in cross referrals
Grow General Tool
The first of our strategic priorities is to grow our General Tool business and advance our proven clustered market approach in North America. In the UK, our focus is on optimising our operational network.
Advancing technology
The third of our strategic priorities is making the move from industry-leading technology platform, to a leader among the broader industrial and service sector; further improving our customer value proposition and capture the benefits of scale across the Group.