Sun Mountain Partners Urges Ashtead Board to Reject Ember Proposal
News related to:Ashtead Technology Holdings PLC · 2 min read
BOSTON, Sept. 30, 2026 /CourierPR/ -- Sun Mountain Partners, a Boston-based investment management firm, has urged the board of Ashtead Technology Holdings PLC to reject an unsolicited acquisition proposal from Ember Infrastructure Management, LP. The proposal, which values Ashtead at 615 pence per share, is being opposed by Sun Mountain due to its belief that the offer is not in the best interest of Ashtead's shareholders.
According to Sun Mountain, the current offer of 615 pence per share equates to approximately 8x the company's 2026 adjusted EBITDA, a figure roughly equivalent to Ashtead's historical average multiple. However, Sun Mountain argues that Ashtead is not a typical company and should not be sold at its average multiple. Instead, the firm believes that Ashtead should be kept public, allowing its shareholders to benefit from the company's long-term growth potential.
Solberg further explained that Ashtead has compounded EBITDA per share at a rate of 26.6% annually over the last six years.
Solberg also noted that if EBITDA-per-share growth halves to around 13.5% a year, the same 8x exit implies a share price of approximately GBP 14.
Sun Mountain's analysis suggests that Ashtead's historical high multiple is approximately 11.6x EBITDA. If Ashtead returns to rapid growth, which the firm is convinced it will, a return toward that multiple is entirely plausible. This would produce a share price potentially above GBP 14 or 27 in only five years.
The firm's detailed analysis, which includes historical EBITDA-per-share growth and assumes an exit at 8x EBITDA, supports its argument. The analysis shows that an 84% increase in Ashtead Technology’s share price, relative to the pre-offer price, would be a terrible result compared to what's possible over the long term.
Ashtead Group, United Rentals, and Herc Holdings are land-based equipment rental companies that generate most of their revenue in the US. They are all excellent businesses with exceptional stock returns, with many multiples of invested capital (MOIC) achieved. Their business model shares many common characteristics with that of Ashtead Tech.
Sun Mountain Partners has shared its detailed work on Ashtead’s business model and future with the Board, as further evidence that selling this wonderful business (especially at a trough) would represent an enormous mistake. The firm believes that the Board and management share its confidence in Ashtead's future and that the public shareholders deserve the chance to benefit from that future as owners.
In conclusion, Sun Mountain Partners is urging the Board to reject Ember's proposal and keep Ashtead Technology Holdings PLC public, allowing its shareholders to benefit from the company's long-term growth potential.