Ashtead Technology makes another acquisition
UK-headquartered subsea technology specialist Ashtead Technology has acquired the entire share capital of Hiretech for a total consideration of £20 million on a cash and debt-free basis, expanding its mechanical solutions service offering.
Established in 2011, Hiretech is a management-owned, Aberdeenshire-based equipment rental, service and maintenance company providing services for the offshore renewables, decommissioning, and conventional energy markets.
In order to fund the acquisition, Ashtead has increased its revolving credit facility (RCF) by £20 million with its existing banking partners, and as a result, now has access to a total RCF of £60 million, increased from the £40 million facility put in place at IPO, which has also been extended for a further 12 months to November 2025 to facilitate future strategic investments and initiatives.
Hiretech is the company’s seventh acquisition in the last five years and follows the purchase of WeSubsea this September, which has been integrated and is “performing well”.
“Hiretech has an excellent reputation and strong track record of delivering high-performance equipment and services to the offshore energy sector and has been a key supplier to Ashtead Technology in recent years,” said Allan Pirie, Ashtead Technology’s CEO.
“This acquisition provides strong synergies through vertical integration of the supply chain, and meaningfully expands our business by adding complementary capabilities to strengthen our mechanical solutions service line and deliver an enhanced offering to our customers.”