18 May, 2005
U.S Acquisition of HSS RentX
Ashtead Group plc announces that its US subsidiary, Sunbelt Rentals, has acquired the Southern Florida operations of HSS RentX for a consideration of approximately US$1.7m subject to adjustment dependent on asset verification at closing.
Turnover of these operations was approximately US$4.5m in the year to 28 February 2005.
Sunbelt currently operates seven profit centres in the Miami, Fort Lauderdale and West Palm Beach markets. The acquisition, which will add a further five profit centres, will largely complete the process of clustering these markets.
In addition the Group expects to acquire one of the properties from which the business operates for a further consideration of approximately US$0.8m subject to completion of satisfactory environmental inspections.