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British equipment rental giant Ashtead plc last week sold its Irish businesses to McCormick MacNaughton, the Caterpillar dealer for Ireland, for about $22 million. Ashtead owns 15 rental centers in the Republic of Ireland and Northern Ireland.
The payment is comprised of about $15 million cash at closing, with the balance payable in stages over the coming months following agreement of asset values. Ashtead said that after paying costs, the net proceeds will be applied to reduce outstanding bank debt.
The businesses being sold generated a profit before interest of about $912,000 in the fiscal year ended April 30, 2003, and about $365,000 for the 12 months ended December 31, 2003.
George Burnette, Ashtead chief executive said the sale “represents the completion of our restructuring program in A-Plant. We are now looking forward to being able to focus on driving A-Plant forward.”
Asthead is the parent company of Charlotte, N.C.-based Sunbelt Rentals, No. 4 on the RER 100.
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