Laois Hire Services has been sold for a fee of €11.2 million.
Founded in 1989 by Michael and Maureen Killeen, the company was originally sold to London-listed tool hire company HSS Hire in 2005 for around €5 million.
Laois Hire represented about 4% of HSS’ group revenues last year.
As at the June 2020, Laois had total gross assets of €10.6 million and had made a pre-tax of €1.8 million for the year ended December 2019.
Laois Hire Services specialises in the sale and hire of a range of small plant equipment, including excavators, rollers, dumpers and large pumps.
HSS chief executive Steve Ashmore said: “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.”
Briggs group managing director Peter Jones said: “We are delighted to have completed the acquisition of both Laois Hire and Balloo Hire Limited.
“Both businesses have a strong track record of delivering value within the Irish plant hire market and we’re confident that with the backing and support of the Briggs Equipment Group, the businesses will go from strength to strength.
“Over recent years, we have worked hard to build our presence within Ireland’s materials handling sector and we’ve had good success in this area.
“These acquisitions enable us to further diversify our offering and provide a comprehensive and cohesive proposition that now includes plant hire across the entire island of Ireland.”
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