LONDON (SHARECAST) - Equipment hire firm Ashtead Group has boosted its presence in the Gulf Coast petrochemicals business with the acquisition of Empire Holdings.
Ashtead is paying $38m for Empire, which is based in Baton Rouge, Louisiana. An additional cash consideration of $1.5m may be payable depending on Empire’s profits in the current financial year.
Empire is a specialist provider of scaffold rental, erection and dismantlement services. In the year to 31 August 2010 Empire reported revenues of $42m and a pre-tax profit of $4.0m. Its gross assets at 31 August 2010 were $35m.
Empire will operate as a wholly owned subsidiary within the scaffold division of Sunbelt Rentals, Ashtead’s US subsidiaries. All key managers are staying with the Empire business.