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Ashtead Group purchases Pride Equipment for $279 million

Staff Writer | April 3, 2017
Equipment hire firm Ashtead Group said Monday it has acquired New York-based Pride Equipment Corp for a cash payment of $279 million.
Ashtead Group
Acquisition   Pride specialises in aerial work platforms
Pride specialises in aerial work platforms for the construction, industrial and movie production industries. The acquisition was made by Ashtead's US business, Sunbelt Rentals.

"This acquisition further enhances Sunbelt's position in the important New York City market

" Pride's focus on aerial equipment is complementary to Sunbelt's capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base," said Geoff Drabble, chief executive of Ashtead.

"This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions.," added Drabble.