UK private equity firm closes on Ashtead Technology

London-based Phoenix Equity Partners is to buy Ashtead Group's specialist offshore technology rental division Ashtead Technology, according to a report on the website of The Telegraph newspaper.

The Telegraph reported that the deal is expected to complete in days and to be in the range of £100 million (€127 million). Neither company would comment to IRN.

Ashtead Group, which owns A-Plant in the UK and Sunbelt Rental s in the US, said in December that it was planning to divest the division, which rents instrumentation and other specialised equipment to the oil and gas sector.

Ashtead Technology operates in the UK, the US, Canada, and Singapore and had revenues of £19.6 million (€24.8 million) for the first nine months of its current fiscal year. It represents less than 2% of Ashstead Group's total revenues.

Phoenix Equity invests in UK-based companies valued typically less than £200 million (€255 million). It bought Asco, an Aberdeen company that delivers logistic services supporting offshore platforms, in 2006.

Pictured is a lead content testing device, an example of the instrumentation Ashtead Technology rents.