HSS Hire mulls sale options

TRAFFORD Park-based tool and equipment hire group HSS is working with investment bank Lazard to look at strategic options, which could see it sold.

The business, chaired by former Asda boss and current ITV chairman Archie Norman, is currently owned by investment houses Aurigo and Och-Ziff, who have presided over several years of growth and will look for a premium on the £310m they paid for HSS in 2007.

HSS employs 2,100 staff and made revenues of £180.2m last year, up 5% on 2010, and profits of £39.8m, up 2%.

Lazard has reportedly already received expressions of interest from potential trade and private equity buyers.

HSS Hire said: “The Board regularly reviews the market to monitor the best options for the business, which has undergone significant transformational growth under current management and investment funding. HSS Hire is in a strong financial position, having traded successfully and expanded consistently during the last four years.
 
“The group is growing and profitable; underlying core business remains strong and the group expects continued growth, underpinned by major operational improvements in 2011.”