Ashtead Technology Holdings PLC - Aberdeenshire, Scotland-based subsea equipment rental company for the offshore energy sector - Completes its £63 million acquisition of Seascan Ltd and its subsidiaries, as well as sister company J2 Subsea Ltd, from Acteon Group Operations UK Ltd. The acquisitions are subsea electronics and remotely operated vehicle tooling rental and services businesses. Acteon Group is majority owned by One Equity Partners LLC and Buckthorn Partners LLP. The transaction will be funded by a £70 million increase in Ashtead Technology’s revolving credit facility, to a total size of £170 million.
Seascan and J2 Subsea generated revenue of £51.5 million in the trailing 12 months to September, and adjusted earnings before interest, tax, depreciation and amortisation of £12.1 million. Ashtead Technology expects the acquisition to be mid-to-high single digit earnings enhancing in its first full year of ownership. Chief Executive Officer Allan Pirie says: ‘This transaction strengthens our international footprint within the subsea survey and robotics market and expands our highly fungible survey and robotics rental fleet by around 30%.’
Current stock price: 522.00 pence, down 0.4% in London on Tuesday afternoon
12-month change: up 14%
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