Acquisition(s)

Ashtead Group plc Acquisition of Accession Group Limited Ashtead Group PLC ("Ashtead") announces that it has acquired Accession Group Limited ("Accession"), including its principal trading subsidiary Eve Trakway Limited, for a consideration¹ of £28 million which was paid in cash at closing ². Additional cash consideration of £7 million may also become payable depending on Accession's profits in the year to 28 March 2014. Accession, which is based in Derbyshire and has seven locations across the United Kingdom, is a specialist rental provider of temporary access solutions and traffic management to the events and industrial sectors. In the year to 31 March 2012, Accession reported revenues of £26 million. Geoff Drabble, Chief executive, commented: "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. It also provides us with cross-selling opportunities to further improve our existing business." Contacts: Geoff Drabble Chief executive ) 020 7726 9700 Suzanne Wood Finance director ) Brian Hudspith Maitland 020 7379 5151 ¹ Including the amount paid to settle Accession's net debt at closing. ² Accession was acquired from a private investment group comprised of members of the management team and other investors.
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