Ashtead Group plc
Acquisition of Accession Group Limited
Ashtead Group PLC ("Ashtead") announces that it has acquired Accession Group
Limited ("Accession"), including its principal trading subsidiary Eve Trakway
Limited, for a consideration¹ of £28 million which was paid in cash at closing
². Additional cash consideration of £7 million may also become payable
depending on Accession's profits in the year to 28 March 2014.
Accession, which is based in Derbyshire and has seven locations across the
United Kingdom, is a specialist rental provider of temporary access solutions
and traffic management to the events and industrial sectors. In the year to 31
March 2012, Accession reported revenues of £26 million.
Geoff Drabble, Chief executive, commented:
"We are delighted to conclude this acquisition in line with our long term
strategy of developing high value added speciality businesses which broaden our
product offering and the markets we serve. It also provides us with
cross-selling opportunities to further improve our existing business."
Contacts:
Geoff Drabble Chief executive ) 020 7726 9700
Suzanne Wood Finance director )
Brian Hudspith Maitland 020 7379 5151
¹ Including the amount paid to settle Accession's net debt at closing.
² Accession was acquired from a private investment group comprised of members
of the management team and other investors.
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