TM Capital is pleased to announce that we served as exclusive financial advisor to Pride Equipment Corporation (“Pride”) in its sale to Sunbelt Rentals. Based in Islip, New York and owned by the Noto family for over 47 years, Pride is a leading provider of aerial equipment rental services to the vibrant New York metropolitan marketplace and is one of the largest independent specialty equipment rental companies in the United States. Sunbelt, one of the largest equipment rental companies in North America, constitutes the U.S. operations of Ashtead Group plc (LON: AHT), which has a market capitalization of over $10 billion.
TM Capital worked closely with the Noto family to develop an investment thesis highlighting Pride’s superior equipment utilization rates, culture of outstanding customer service and robust growth opportunities. TM Capital coordinated a focused global marketing process that ultimately resulted in a successful transaction with Sunbelt.
Ashtead’s chief executive, Geoff Drabble, commented: “This acquisition further enhances Sunbelt’s position in the important New York City market. Pride’s focus on aerial equipment is complementary to Sunbelt’s capabilities in a broader range of smaller and medium size equipment and there will be significant opportunities to cross-sell to the enlarged customer base. This acquisition is consistent with our long-term strategy to take advantage of structural growth opportunities through both organic investment and bolt-on acquisitions. I would also like to welcome all of the Pride employees who will be joining Sunbelt as part of the acquisition and look forward to working with them to deliver on the major opportunities ahead.”