• Ashtead Technology Rentals (“ATR”) is a leader in the rental of electronic equipment to the offshore oil and gas sector and the environmental monitoring and testing industry and has strong market positions in well defined niches. The business operates from 14 locations in the UK, North America and Singapore. The applications for its wide range of rental equipment include subsea positioning, sea bed mapping, environmental monitoring, non-destructive testing and remote visual inspection
• As reported in Ashtead Group plc 2007 report and accounts, ATR had £21.6m of revenue, £11m of EBITDA and £22m of gross assets
• Close Brothers Corporate Finance provided M&A advice to Phoenix Equity Partners ("Phoenix") in a widely contested auction process against strong private equity interest, demonstrating the current popularity of oil & gas services sector assets
• Close Brothers Corporate Finance also co-ordinated the debt raising and provided advice on the commercial terms, delivering a competitive debt package from a club of four banks in challenging credit markets
Commenting on the transaction Gareth Davies, a Managing Director at Close Brothers Corporate Finance, said:
"We are delighted to have been given the opportunity to work with Phoenix on the acquisition of ATR. Given the significant interest in the asset it was particularly satisfying to achieve a successful result. Phoenix’s backing will give ATR a strong platform from which to develop as an independent business.”
For more information regarding this transaction, please contact any of the following on +44 (0)20 7655 3100
Gareth Davies or Tim Evans - M&A
Jonathan Trower, Simon Chambers or Harry Kalmanowicz – EDA