Saw Mill Capital Acquires Ashtead’s Instrument Division

Saw Mill Capital Acquires Ashtead’s Instrument Division

Pine Environmental Services, a portfolio company of Saw Mill Capital, has acquired Ashtead Technology’s North American Instrument Division, a testing equipment rental company.

Ashtead Technology’s North American Instrument Division rents environmental testing, non-destructive testing (NDT), remote visual inspection (RVI), and continuous emissions monitoring systems (CEMS) equipment. The division is headquartered in Houston (

“Ashtead provides the unique opportunity to accelerate our growth in our core environmental testing market while providing access and growth opportunities in the attractive NDT, RVI and CEMS markets,” said Scott Rivard, a Principal at Saw Mill Capital.

Pine Environmental Services was acquired by Saw Mill Capital in August 2012. The company sells, rents and services environmental test and measurement equipment. Pine has more than 2,500 customers in the environmental consulting, construction and engineering sectors. The company was founded in 1995 and is headquartered in Windsor, NJ (

Saw Mill Capital invests in manufacturing and service companies with enterprise values of $25 million to $200 million. Platform investments typically have at least $5 million of EBITDA and revenues of $40 million to $150 million. The firm is located in Briarcliff Manor, NY (

Ashtead is a provider of rental equipment serving the environmental, NDT, RVI, and CEMS end markets. The company has a national network of seventeen rental locations and is headquartered in Houston (

© 2013 PEPD • Private Equity’s Leading News Magazine • 4-19-13

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