Aggreko swallows up US-based DRYCO

Aggreko announced on Tuesday that it has entered into an agreement to acquire substantially all of the assets associated with, and used in connection with DRYCO - a specialist in moisture control, drying, heating, and cooling applications within the shipping, manufacturing, food processing, construction, and industrial painting industries.

The FTSE 250 firm said the agreement is contingent on the satisfaction of a number of pre-closing conditions usual for a transaction of this type.

Aggreko said the acquisition further strengthens its capabilities with a wide breadth of technical skills and specialty HVAC equipment to deliver solutions that help customers achieve their desired results.

With ten full service locations in North America, Aggreko said DRYCO has built a strong customer list within its targeted industries.

The company’s acquisition of DRYCO will add more than 60 experienced and skilled employees and more than 6,000 fleet assets to the Rental Solutions business.

Following a period of transition, Aggreko plans to fully integrate the operations of DRYCO into its North America business while developing expansion plans to enter additional sectors and global markets.

DRYCO's 2015 revenues were $19m.

“This acquisition combines the deep technical strength of two highly respected market leaders and provides our customers with an unparalleled range of solutions that can address their HVAC and moisture control needs,” said chief executive Chris Weston.

“It also gives Aggreko an opportunity to further support our rapidly expanding customer base within the shipping, food & beverage, and painting & coatings industries."