Ashtead Technology Acquires ACE Winches in £53.5 Million Deal
Posted 30/11/2023 12:07
Ashtead Technology, a subsea equipment rental specialist, has successfully acquired ACE Winches, a long-established company providing lifting equipment to the offshore sector. The deal, valued at £53.5 million in cash, marks Ashtead's eighth acquisition in the past six years. The acquisition is expected to strengthen Ashtead's product and service offering in the oil and gas and offshore wind markets.
ACE Winches, founded in 1992 by Alfie Cheyne, is headquartered in North Aberdeenshire and employs over 200 staff. The company has a fleet of more than 3,000 multi-purpose rental assets, serving customers in more than 50 countries. The acquisition is set to increase Ashtead's headcount from 320 to over 520 employees.
Allan Pirie, Chief Executive of Ashtead, expressed delight in announcing the strategic acquisition and welcomed the ACE Winches team to Ashtead Technology. He highlighted ACE Winches' global market leadership and outstanding reputation, emphasizing the shared values and commitment to quality, service, and operational excellence.
The deal is expected to provide strong industrial logic, adding complementary capabilities to enhance Ashtead Technology's mechanical solutions service line. This will result in an improved and more integrated offering to a larger global customer base.
Alfie Cheyne, Chairman of ACE Winches, noted that becoming part of Ashtead Technology would accelerate ACE Winches' growth and provide the platform required for expansion in key regions like the USA and the Middle East. He expressed excitement about the opportunities the acquisition presents for ACE Winches' people and the chance to contribute to Ashtead Technology's growth story.
The acquisition of ACE Winches follows Ashtead Technology's successful acquisitions of WeSubsea and Hiretech in 2022.