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Sunbelt Rentals reports 26 percent revenue increase

By Ashleigh Petersen

March 12, 2023

Sunbelt Rentals logoSunbelt Rentals, Fort Mill, S.C., reported total revenue of $2.07 billion during the fiscal third quarter, a 26 percent increase compared to $1.64 billion for the same period last year. Total revenue during the first nine months of the year was $6.14 billion, a 29 percent increase compared to $4.76 billion the year before. 

In the UK, Sunbelt Rentals reported total revenue of $193.3 million during the fiscal third quarter, down 19 percent compared to $239.8 million the year before. Total revenue for the first nine months of the year was $623.4 million, down 5 percent compared to $750.3 million the year before. 

In Canada, Sunbelt Rentals’ total revenue was $163.8 million during the fiscal third quarter, up 35 percent compared to $120.8 million the year before. During the first nine months of the year, total revenue was $460.9 million, up from $370.2 million the year before.  

Ashtead Group — the parent company of Sunbelt Rentals — reported revenue for the fiscal third quarter of $2.43 billion, up 23 percent compared to $2.00 billion the year before. During the first nine months of the fiscal year, revenue was $7.22 billion, up 25 percent compared to $5.88 billion. 

“The group delivered another strong quarter across all geographies, contributing to rental revenue growth of 25 percent for the nine months at constant currency. This market outperformance is only possible through the dedication of our team members who deliver for all our stakeholders every day, while ensuring our leading value of safety remains at the forefront of all we do,” said Brendan Horgan, Ashtead CEO. 

“We are executing well against all actionable components of our strategic growth plan, in end markets which remain strong. In the period, we invested $2.6 billion in capital across existing locations and greenfields and $970 million on 38 bolt-on acquisitions, adding a combined 120 locations in North America. This significant investment is enabling us to take advantage of the substantial structural growth opportunities that we see for the business as we deliver our strategic priorities to grow our general tool and specialty businesses and advance our clusters. We are achieving all this while maintaining a strong and flexible balance sheet with leverage near the bottom of our target range,” Horgan said. 

Since the beginning of the third quarter, Sunbelt has acquired the following businesses: 

  • On Nov. 1, 2022, Sunbelt Canada acquired the entire share capital of Modu-Loc Fence Rentals and Sunbelt US acquired the entire share capital of Modu-Loc USA. Modu-Loc is a specialty business operating across Canada and in Texas. 
  • On Nov. 4, 2022, Sunbelt US acquired the business and assets of Iron Oak Energy and Spoonbill Logistics, a general tool business in Louisiana. 
  • On Nov. 9, 2022, Sunbelt US acquired the business and assets of Wagner Rental & Supply, Wagner Tool Rental of Jackson, Wagner Rental and Supply of Ashland, and Wagner Rental and Supply of Chillicothe. Wagner is a general tool business in Ohio and Kentucky.
  • On Nov. 10, 2022, Sunbelt US acquired the business and assets of QxTwo Equipment Sales, a specialty business in South Carolina. 
  • On Nov. 16, 2022, Sunbelt US acquired the business and assets of Ohio Rental Mt. Vernon and Ohio Rental of Johnstown. Ohio Rental is a general tool business in Ohio. 
  • On Dec. 2, 2022, Sunbelt Canada acquired the entire share capital of Studio City Scaffold, a specialty business operating in Toronto and Vancouver, Canada, and in Los Angeles. 
  • On Dec. 7, 2022, Sunbelt US acquired the business and assets of Portable Air, a specialty business operating in Florida, Texas and Louisiana. 
  • On Dec. 8, 2022, Sunbelt UK acquired the entire share capital of Alpha Grip (UK), a specialty business.
  • On Dec. 14, 2022, Sunbelt US acquired the business and assets of Diamond Rentals, a general tool business operating in Washington. 
  • On Jan. 12, 2023, Sunbelt US acquired the entire share capital of Lift Works, a specialty business operating in Illinois. Click here to learn more about this acquisition.  
  • On Jan. 18, 2023, Sunbelt US acquired the business and assets of Straight Up Equipment, a specialty business operating in Ohio.
  • On Feb. 7, 2023, Sunbelt US acquired the business and assets of Key Rentals Group and TBG Equipment, a specialty business operating in Montana.
  • On Feb. 17, 2023, Sunbelt US acquired the business and assets of West Ashley Tool & Rental, a general tool business operating in South Carolina.
  • On Feb. 21, 2023, Sunbelt US acquired the business and assets of C2 Equipment Rental, a general tool business operating in Florida.
  • On Feb. 22, 2023, Sunbelt US acquired the business and assets of BigSky Rents & Events, a general tool business operating in Montana.
  • On Feb. 28, 2023, Sunbelt US acquired the entire share capital of Bullet Rentals & Sales, a general tool business operating in Oregon.
  • On March 1, 2023, Sunbelt Canada acquired the entire share capital of Ottawa Rental and Supply, a general tool business operating in Ontario.
  • On March 3, 2023, Sunbelt US acquired the business and assets of Ned R. Werbe, trading as A Rental Service Co. — a general tool business operating in Indiana.