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An investment holding and management company, Ashtead Group Plc has announced today that its US subsidiary, Sunbelt Rentals Inc has acquired a Philadelphia based Topp Construction Services and its related company, Precision Steel Works.
Topp operates through 15 branches located near key population centres across the US and is a specialist rental provider of portable air conditioning, heating and dehumidification equipment, while Precision runs a small assembly and manufacturing facility in support of Topp's business.
The total consideration for Topp & Precision was US$33.5 million which was paid in cash at closing. In the year to December 31, 2011, on a combined basis both companies have reported profits before tax of $4.5 million and combined gross assets of $10.5 million.
"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," said CEO Geoff Drabble.