Sunbelt buys Topp and Precision
By Maria Hadlow03 April 2012
Sunbelt, the American subsidiary of the Ashtead Group, has acquired Topp Construction Services Inc and its related company, Precision Steel Works, LLC for $33.5million, which was paid in cash.
Topp, based in Philadelphia with 15 other branches located in or near key population centres across the US, is a specialist rental provider of portable air conditioning, heating and dehumidification equipment. Precision runs a small assembly and manufacturing facility in support of Topp's business.
In the year to 31 December 2011, on a combined basis, Topp and Precision reported pre-tax profits of $4.5m and combined gross assets of $10.5m.
Geoff Drabble, chief executive said, "We are delighted to conclude this acquisition in line with our long term strategy of developing high value added speciality businesses which broaden our product offering and the markets we serve"
Topp and Precision were acquired from their owner, Daniel Topp, who has agreed to act in a consultancy capacity to Sunbelt to assist in the post acquisition transition.