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HighBank serves as exclusive financial advisor to Ashtead Technology, a Phoenix Equity Partners portfolio company, on the sale of its North American Instrument Division to Pine Environmental Services

April 3, 2013

HighBank Advisors (“HighBank”), a Baltimore, Maryland based middle market investment bank, announces that it was the exclusive financial advisor to Ashtead Technology and its private equity sponsor, Phoenix Equity Partners on  the sale of its North American instrument rental business, Ashtead Technology Inc. (“ATI” or the “Company”) one of the leading environmental, non-destructive testing/remote visual inspection (NDT/RVI) and Continuous Emissions Monitoring Systems (CEMs) equipment rental and sales companies, to Pine Environmental Services, LLC, a portfolio company of Saw Mill Capital.   Terms of the transaction were not disclosed.

ATI is among the most respected and well-known specialty rental providers in the highly fragmented North America marketplace, and it has established both considerable customer loyalty and a strong reputation in all of its business lines.  ATI delivers rental products, consumable product sales, and services to three large end-markets (environmental, Oil and Gas and CEMs) that are poised to grow significantly.  The Company operates out of its 17 strategically-placed branch locations across North America and boasts a rental fleet of more than 6,000 individual rental assets. 

Mark Sargeant, Principal, Phoenix Equity Partners commented, “HighBank worked tirelessly on this complex divestiture. They delivered on their promise of senior-level attention throughout every phase of the transaction right through the closing.  HighBank also achieved an economic result that exceeded our expectations.  I would highly recommend them to my private equity peers.”

Stephen Gaines, Managing Director, at HighBank stated, “We were thrilled to work with the outstanding people at both Phoenix Equity Partners and Ashtead Technology.  We believe the combined Pine/ATI business will result in the premier rental and sales supplier to the large and attractive Environmental, NDT/RVI and CEMS end markets.”

Graham Philip, Deputy Chairman, Ashtead Technology commented, “The HighBank team delivered. They quickly came up to speed on our business and developed top-notch marketing materials that generated competitive bidding. HighBank’s commitment to its high-touch service model was also invaluable given the overseas ownership of the asset.” 

In a joint statement on behalf of Phoenix Equity Partners and Ashtead Technology, Messrs. Sargeant and Philip stated, “We would like to extend our deepest gratitude to the employees and management team of ATI for their collective efforts in building an industry leading rental business.  We strongly believe the combination of Pine and ATI will deliver outstanding opportunities for employees and customers.  We wish the combined business future success.”

Miles & Stockbridge served as legal advisor to Ashtead Technology.  Kirkland & Ellis LLP served as legal advisor to Pine Environmental Services, LLC.

About Ashtead Technology Inc.

Ashtead Technology is a Houston-based instrumentation rental, sales and services company serving the environmental services, oil and gas, power generation, industrial production, manufacturing, infrastructure maintenance and repair, and transportation industries. Ashtead specializes in rental, sales and service of instrumentation equipment and related supplies for Non-Destructive Testing, Environmental Monitoring, Remote Visual Inspection, and Continuous Emissions Monitoring (CEMs).

About Phoenix Equity Partners

Phoenix Equity Partners is a leading UK middle-market private equity investor. Independent and owned by its executives, the company was founded in 2001 and manages funds provided by leading institutions from around the world, and by the Phoenix team itself. Phoenix’s principal focus is on investing in and supporting outstanding private UK companies. Targeting companies valued at between £20 million and £200 million, the Phoenix team’s track record includes over 100 private equity investments.

About HighBank Advisors LLC

HighBank is a Baltimore, Maryland based full service mid-market investment bank and financial advisory firm.  The firm provides advice on mergers and acquisitions, raising capital, exit and transaction planning, business valuations, fairness and solvency opinions, loan workouts and debt restructurings, and distressed asset sales. HighBank was formed on a mission that our clients and our people deserve to have their highest expectations met and to receive higher value for their investments of money and time. For more information, visit