Exponent buys HSS Hire Services
EXPONENT Private Equity has completed its acquisition of Manchester tool hire business HSS Hire Services.
The London-based investor has bought the Trafford Park-headquartered business from the asset management funds Och-Ziff and Perry Capital.
The value of the deal was not disclosed.
Chaired by Archie Norman, HSS has a nationwide network of 230 distribution centres and 2,000 employees. It delivered sales of £180.3m last year, up 5% from the previous year, with profits of £39.9m.
Chris Davies, chief executive at HSS, said: “HSS is enjoying great success and the company continues to go from strength to strength. This transaction and future support from Exponent will help us unlock fresh capital needed to realise the next phase of our growth plan.
“Having traded successfully and expanded consistently during the last four years, this deal puts HSS in a strong financial position”.
Oliver Bower, director at Exponent, said: “We have followed HSS and the progress of its management team for some years now. It is clear that under Chris and his team’s leadership the business has made excellent progress against its strategic development plan and is well positioned as a trusted partner and service leader in the tools and equipment rental, outsourcing and services sector.
“We believe there is enormous potential for the business to grow further and look forward to supporting the management team during what promises to be an exciting time for the business.”
