AGB 2024.2 - Ashtead Group (AHT.L)
Methodical Share Gains
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Ashtead
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.
Customers of Ashtead rent general tools and specialty equipment from the company on demand. Construction end-markets represents 40% of Ashtead’s revenues, of which 90% is non-residential construction. The other 60% is non-construction, of which a large portion is MRO and other specialty equipment. Specialty equipment i…