Ashtead Technology Rentals rents electronic equipment to the offshore oil and gas sector and the environmental monitoring and testing industry and operates from 14 locations in the UK, North America and Singapore.
The management of Ashtead Technology Rentals, including Andy Doggett, managing director and Andy Holroyd, president of North America, have led the buyout and will continue to manage the business under its new ownership.
This follows a strategic review of Ashtead Technology Rentals as a result of which the Ashtead board concluded that the business was not core and sought a disposal.
Geoff Drabble, chief executive of Ashtead Group, said: "We believe that this transaction is attractive for our shareholders and leaves us focused on our two core businesses, Sunbelt Rentals and [British subsidiary] A-Plant. The proceeds from the disposal will be used to reduce Ashtead’s outstanding net debt, having regard to the board's overall strategy of managing the capital structure conservatively."