HSS Hire Services Group (“HSS”), the leading national supplier of tools, equipment and related services, has been acquired by Exponent Private Equity (“Exponent”) in a transaction which will enable the company's future growth plans.
HSS is a UK-based tool and equipment hire chain that has been serving big businesses, trade and DIY customers since 1957. Operating under the banner of HSS Hire, the group has an established nationwide network with a 2,000-strong workforce and a fleet of over 500 liveried vehicles. HSS operates from a national network of 230 distribution centres and branches in UK and Ireland.
HSS has posted consistent growth during the last four years. It delivered sales of £180.2m last year, up 5% from the previous year with profits of £39.8m. The Group is enjoying further growth in 2012, underpinned by continuing operational improvements.
Chris Davies, Chief Executive Officer 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.”