Ashtead is the 2nd largest equipment rental company in North America. The company supports 800k+ customers and has a fleet of 1M+ rental units, which are offered at 1,181 locations in the U.S., 136 in Canada and 191 in the U.K. Ashtead is headquartered in the U.K. but most of the business in the U.S. under the Sunbelt Rentals brand. The company acquired Sunbelt for $2.5M in 1990, which was based in North Carolina. Since then, Ashtead has expanded through a series of bolt-on acquisitions and greenfield location openings. In the U.K. the company has been the leading equipment rental company since 2015.
Looks like they still have loads of room to grow in the US.
In the UK it is notable that they do not have any stores in the whole of Northern Ireland, it seems an obvious way to grow the business within the UK. I wonder if there is a reason for this. Additionally, expansion into the Republic of Ireland seems an obvious next move given the maturity of the UK market, and the similarities of people/culture/capital/history between the UK & ROI, not to mention geographical links.
I think there is still room to grow in Canada too.
This is great. Thank you for highlighting something that seems to be hiding in plain sight, this is very useful.
Looks like they still have loads of room to grow in the US.
In the UK it is notable that they do not have any stores in the whole of Northern Ireland, it seems an obvious way to grow the business within the UK. I wonder if there is a reason for this. Additionally, expansion into the Republic of Ireland seems an obvious next move given the maturity of the UK market, and the similarities of people/culture/capital/history between the UK & ROI, not to mention geographical links.
I think there is still room to grow in Canada too.
great analysis