Ashtead pays £28m for Accession Group

ASHTEAD Group, which owns Warrington-based plant hire firm A-Plant, has agreed to pay £28m for a company which supplies temporary walkways and roads.

Derby-based Accession Group owns the Eve Trakway business and supplies to festivals and industry.

Ashtead, which has its headquarters in London, said it may pay a further £7m depending on Accession’s profits in the year to March 2014. Last year the business had sales of £26m.

Ashtead’s chief executive Geoff Drabble said: “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.”

The deal represents an exit for the Leeds office of private equity firm LDC.