Aska Sykes gets private equity investment

Republic of Ireland pump and temperature control rental company Aska Sykes has agreed a partnership with Waterland Ireland, part of the Netherlands-based Waterland private equity business. The deal will help the rental company in “its next phase of growth across Europe”, said Waterland.

Aska Sykes has a fleet of more than 600 pumps across eight depots in Ireland (Dublin, Carlow, Cork, Galway and Limerick in the south, and Lisburn and Strabane in the north) and three in Poland. It employs more than 70 people.

Aska is also a rental partrner or distributor for UK-based Andrews Sykes, the pump and HVAC rental specialist.

An Aska Sykes pump operating in the west of Ireland. (Image: Aska Sykes)

The announcement did not not provide details of the scale of the investment by Waterland or the propotion of its shareholding.

Aska Sykes will continue to be led by CEO Paul Clarke and its existing management team.

‘Important step’ for company

Clarke said the partnership marked an important next step for the business; “Waterland shares our commitment to specialist expertise, dependable service and long-term customer relationships.

“With its support, we look forward to investing in our people, equipment and capabilities while preserving the responsive service our customers value.”

Laura Dillon, a partner at Waterland Ireland, said Aska had built a strong position in its markets; “We are pleased to partner with Paul and the team and to support the business as it pursues its next phase of growth across Europe.”

The company rents Sykes diesel engined pumps from 2″ to 12″, and Pumpex and Sulzer electric submersible drainer and sludge pumps.  It also rents Koshin, Ponstar and Speroni pumps for the domestic and DIY market.