The managing director of an electrical equipment rental supplier to the offshore oil and gas sector has teamed up with the president of its North American operations to buy the business.

Andy Doggett and Andy Holroyd are the new owners of Ashtead Technology Rentals, which also serves the environmental monitoring and testing industry, after they won the backing of Phoenix Equity Partners.

The deal was worth some £95.6 million, which was paid in cash on completion. This was the eighth investment made from Phoenix’s £375 million fund since 2006.

Doggett said the deal will give management the opportunity to develop and grow the business.

Post-completion Brian Long, who has experience of private equity-backed businesses, such as Moody International and Alex Stewart Group, becomes chairman.

The company was sold by Ashtead Group Plc, which will use the proceeds to reduce its debt. It decided to dispose of the company following a review, which concluded that Ashtead Technology Rentals was not core to its operations.

Ashtead chief executive Geoff Drabble said the deal will enable the group to focus on its Sunbelt Rentals and A-Plant businesses.

Phoenix managing partner Hugh Lenon said this is the firm’s third deal in the business services sector in the past two years. “We will invest in the expansion of the business with the objective of continuing the track record of impressive growth witnessed over the last few years.”

Ashtead Technology Rentals operates from 14 locations in the UK, North America and Singapore. Its equipment is used in subsea positioning, environmental monitoring, non-destructive testing and remote visual inspection.