Ashtead Technology (LON: AT.) announced Monday that it has acquired Hiretech Limited in a £20 million deal.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The Aberdeenshire-based equipment rental, maintenance and service company has become Ashtead Technology's seventh acquisition in the last five years.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Hiretech, which was established in 2011, serves the offshore renewables, decommissioning, and conventional energy markets.
Ashtead told investors in a press release that to fund the acquisition, it has increased its revolving credit facility by £20 million with its existing banking partners. As a result, Ashtead now has access to a total revolving credit facility of £60 million, increasing from the £40 million put in place at IPO. It has also been extended for 12 months to November 2025 to “facilitate future strategic investments and initiatives.”
“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,” commented 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.”
Ashtead Technology shares are up over 6% so far in Tuesday's session.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.