HSS sells its Irish business for £26.2m to Grafton Group

Trafford Park-based HSS Hire Group plc has sold its Irish business to Grafton Group for €31.6m (c.£26.2m), representing a transaction multiple of c.6.9x multiple of EBITA. 

The disposal is subject to competition clearance in Ireland.

HSS Hire Ireland specialises in tool and equipment hire across the Republic of Ireland and the disposal follows the formal separation of the Company’s ProService and Operations business, now called The Hire Service Company in September 2024.

That move was designed to unlock the value in each business and provide the Board with additional optionality to maximise future value for shareholders. The disposal will allow the Company to continue to focus on driving the long-term performance of these two standalone businesses, with the proceeds of the Disposal used to strengthen its balance sheet.

Following the disposal, The Hire Service Company will include tool and equipment hire and related services in the UK aimed at B2B customers.

For the year ended 28 December 2024, HSS Hire Ireland had unaudited revenues of €31.9m (£27.0m) and unaudited EBITA of €4.6m (£3.9m). As at 28 December 2024, HSS Hire Ireland had net assets of €17.8m (£14.8m).

Steve Ashmore

Steve Ashmore, Executive Chair, HSS ProService and Director, HSS Hire Group plc said: “This transaction realises an attractive valuation for our shareholders and is a reflection of our continued strategic progress towards creating a more focused business with two distinct divisions well positioned to deliver enhanced returns when UK construction improves.

“I would like to thank Michael Killeen, CEO of HSS Hire Ireland, and his team for their dedication over many years. We are delighted that as new owners Grafton Group plc will continue to support the growth of the business and wish them every success.”