Ashtead chief executive George Burnett.

Ashtead Group plc, a British equipment rental group, has acquired Northridge Equipment Services Inc from the Groff family, through its US subsidiary Sunbelt Rentals, for USD69.6 million.

One of world's largest equipment rental groups, Ashtead provides forklifts, aerial work platforms, backhoes, excavators and other equipment for rent, through Sunbelt Rentals in the USA and A-Plant in the UK. Sunbelt Rentals has more than 4,500 forklifts in its fleet.

The acquisition sees Sunbelt Rentals acquire five more US rental stores, bringing the total in central and southern Californian markets to 10.

Northridge, opened in 1951 by Bob and Helen Groff, in California, operates rental stores in Northridge (northern Los Angeles), Bakersfield, Lompoc, Fresno and Palmdale. Its market coverage includes a geographic area with a population of more than 13 million.

In the year to September 30, 2005, Northridge reported total revenues of USD38.3 million and pre-tax profit of USD6.2 million. The book value of its total assets at that date was USD38.6 million and the business was acquired debt free.

Ashtead chief executive George Burnett said the acquisition significantly boosted Sunbelt's presence in central and southern California. "We have invested USD100 million so far this year on acquisitions that extend Sunbelt's presence in attractive US markets."

In the group's results for the first quarter, ending July 31, Burnett said Sunbelt now accounted for around three-quarters of the group's profits.

The group claims Sunbelt is the fourth largest equipment rental company in the USA and A-Plant the third largest in the UK. In 2004, the group had a turnover of GBP500 million (USD893 million).