Acquisition of assets from the administrator of Hewden
Ashtead Group plc announces that its UK business, A-Plant, has today acquired certain assets from EY, the administrator of Hewden, for a cash consideration of £29m. The assets acquired comprise the powered access and power generation fleet of Hewden, five "on-site" depots which service major petrochemical customers, the Interlift lifting and materials handling business and the Hewden brand name. Alongside the asset purchase a number of Hewden's employees will be joining the A-Plant business.
A-Plant's chief executive Sat Dhaiwal, commented:
"This acquisition significantly enhances A-Plant's offering in the industrial sector where we have been keen to develop our capabilities for some time. We are pleased to be taking over a number of important on-site depots at major petrochemical facilities and will ensure that a high level of service is maintained for all customers through the integration process. I would also like to welcome those Hewden employees who will be joining A-Plant as part of this process."