Business
Acquisition of ACE Winches
Acquisition of ACE Winches.
About this update from Ashtead Technology Holdings Plc
[{"type":"text","content":"\n\n30 November 2023\nAshtead Technology Holdings plc\n(\"Ashtead Technology\" or the \"Group\")\n \nAcquisition of ACE Winches\n \nAshtead Technology acquires ACE Winches \n \nAshtead Technology Holdings plc (AIM: AT.), a leading subsea equipment rental and solutions provider for the global offshore energy sector, is pleased to announce the acquisition of the entire share capital of Rathmay Limited, the parent company of ACE Winches, from its founders Alfie and Valerie Cheyne, for a total cash consideration of £53.5m (on a cash and debt free basis) (the \"Transaction\").\n \nThe Transaction will be funded through drawing on the Group's revolving credit facility and is expected to be materially earnings enhancing in FY2024 and beyond, with ROIC materially ahead of the Group's weighted average cost of capital in year one.\n \nAbout ACE Winches\nEstablished in 1992, UK headquartered ACE Winches is a market-leader in the design, assembly and rental of lifting, pulling and deployment solutions. The company's core offering supports the installation, inspection, maintenance & repair and decommissioning of offshore energy infrastructure which is highly complementary to Ashtead Technology's existing equipment and services portfolio.\n \nThrough a combination of its comprehensive rental fleet and 31 years of proven engineering experience and expertise, ACE Winches has built up an unrivalled reputation amongst its traditional oil and gas customers and has more recently seen success in expanding into the offshore renewables market. The company's in-house designed and assembled equipment rental fleet is one of the most comprehensive and diverse ranges of back deck machinery in the industry and is designed to deliver reliable, fully integrated solutions to address all complex lifting, pulling and deployment challenges.\n \nWith nearly 80 per cent. of ACE Winches' revenue generated outside of the UK, supported by operations in Norway and sales offices in the UAE and USA, the acquisition offers a significant opportunity for Ashtead Technology to further expand its global offering across its existing international footprint. ACE Winches is Ashtead Technology's eighth acquisition in the last six years and follows the Group's acquisitions of WeSubsea and Hiretech, in 2022.\n \nACE Winches wi...