Tue, 14 May 2013 | BUSINESS SALE
Ashstead Group has bought Accession Group, including its principal trading subsidiary, Eve Trakway, in a £28 million sale.
The company bought the firm after private equity investor LDC, which took a minority stake in the business back in 2008, exited its investment for the cash consideration of £28 million, as well as a £7 million earnout.
Eve Trakway experienced strong performance levels under LDC's ownership, with its revenues increasing by 58 per cent to £26 million in the financial year to March 2012.
Following the sale, Eve Trakway will join A-Plant, a subsidiary of Ashstead Group and the second largest equipment rental company in the UK with 110 locations. Eve Trakway already supplies roadways, footpaths, bridges, crowd control barriers and other infrastructure projects, making it a suitable partner for A-Plant.
John Garner, director and head of LDC in Yorkshire and the North East, commented on the sale: “The sale to Ashstead Group plc is an excellent outcome for LDC and the business, and we wish the management team every success in the next phase of the company’s development.”
Rick Barnett, managing director of Eve Trakway, added: “A-Plant is a clear market leader and we are extremely pleased about Eve becoming part of the Ashtead Group.
“We believe that they share our values in providing the highest possible standards in equipment and customer service, and this acquisition allows Eve to offer an expanded product range which is unrivalled in the industry.”
David Hardless and Ian Hale from Park Place Corporate Finance advised LDC and its shareholders sale.
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