Management buy-out at Ashtea

Aberdeen based Ashtead Technology Rentals Ltd, a leading high-technology offshore rental equipment supplier, has announced a management buy-out from Ashtead Group in a deal worth £95.6 million. Backed by private equity firm, Phoenix Equity Partners, the buy out, led by Andy Doggett, Managing Director and Andy Holroyd, President of North America will enable Ashtead Technology Rentals to drive future growth. As an independent business and with additional financial backing, Ashtead Technology is focused on growing the services offered to the offshore oil and gas, environmental monitoring and inspection sectors. Ashtead said in a statement: “Ashtead Technology’s highly experienced and motivated workforce looks forward to continuing to meet its customers’ needs on a global basis and to providing high-technology rental equipment that can be relied upon to operate in the most demanding environments.” Andy Doggett, managing director of Ashtead Technology Rentals said: “The management buy out of Ashtead Technology Rentals represents an exciting opportunity for the team. This gives our business a tremendous platform from which to deliver the next phase of development and growth. We are very excited to be working alongside Phoenix as they have a proven pedigree in growing, supporting and developing UK headquartered businesses with ambitious international growth plans.”