HSS Hire Group has sold Laois Hire Services, its HSS business in the Republic of Ireland, to Briggs Equipment Ireland for €11.2 million.
The group will invest the proceeds of the transaction in its core tool hire operations, it says, in line with its strategic focus.
HSS acquired Laois in 2005 for a purported €5 million. It’s now said to represent around 4 per cent of HSS group’s annual revenue.
As part of the deal, HSS and Briggs have signed a cross hire equipment agreement.
HSS is due to report its 2020 full year results in a few weeks’ time. Trading for the year has been in line with management expectations, it says, adding that there’s been “encouraging momentum during the first three months of 2021”.
EBITDA for the period to 3 April 2021 is also said to be ‘comfortably ahead’.
Steve Ashmore, chief executive at HSS, said: “Over the last four years, we have made substantial progress against all three of our strategic priorities: to deliver the Group, transform the Tool Hire business and strengthen our commercial proposition.
“During this time, we have transformed HSS to a modern, agile, technology-driven business, improving trading, reducing cost and increasing the overall profitability of the Group.
“Laois has made a good contribution to the Group over recent years and I would like to thank the team for their commitment. I am very pleased that the business will be joining Briggs, who recognise its value and whose expertise will help it reach its full potential.
“Given HSS’s existing partnership with Briggs, we will continue to provide our customers in the Republic of Ireland with all of their large plant requirements.”