Ashtead Group plc’s North American business, Sunbelt Rentals, has signed an agreement to acquire CRS Contractors Rental Supply (CRS) for an initial cash consideration of $275 million (Canadian) with an additional earn out of up to $20 million (Canadian) dependent on future performance. CRS is a leading provider of rental equipment in Ontario, Canada, employing over 400 people across 28 locations. At press time, the acquisition, which is subject to certain regulatory approvals, was expected to complete in the next few weeks.
“This acquisition is a significant next step in developing Sunbelt’s position in Canada and our first move into the important Ontario market,” said Geoff Drabble, chief executive of Ashtead. “I look forward to welcoming all of the CRS employees who will be joining Sunbelt as part of the acquisition and to working with them to deliver on the major opportunities ahead.”
For more information, visit www.Ashtead-group.com or call + 44 (0) 20 7726 9700.