Ashtead’s US business, Sunbelt has confirmed the acquisition of Ontario, Canada-based CRS Contractors Rental Supply for C$275 million in cash with an additional earn out of up to C$20 million dependant on future performance.
CRS employs more than 400 people across 28 locations. The acquisition – which is subject to regulatory approvals – is expected to complete in the next few weeks.
Ashtead chief executive Geoff Drabble said: “This acquisition is a significant next step in developing Sunbelt’s position in Canada and our first move into the important Ontario market. 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.”