HSS Hire Group PLC have reached an agreement with Chadwicks Group whereby parent company Grafton Group plc will acquire HSS Hire Ireland.
HSS Hire Ireland is a leading tool and equipment hire company with nationwide coverage.
According to the London Stock Exchange, Grafton Group plc has agreed to acquire the entire issued share capital of HSS Hire Ireland Limited for a total of €31.6m.
Grafton Group, owns Telford’s, Woodie’s and Chadwick’s who all have branches in Ireland.
HSS Hire have branches in Limerick, Dublin, Cork, Galway and Waterford.
HSS Hire is owned by Portlaoise native Michael Killeen who originally founded Laois Hire.
In a statement issued today, they say that Chadwicks’ investment in HSS Hire Ireland will enable the next stage of its development as it continues to benefit from significant growth in the construction industry.
Chadwicks and HSS Hire Ireland share the same culture and vision the statement adds, and the new partnership will ensure the business continues to flourish, whilst also providing new opportunities to grow market share through synergies.
Commenting on the acquisition, Michael Killeen, CEO of HSS Hire Ireland stated: “We are really excited about this partnership with Chadwicks.
”We have a strong track record in Ireland thanks to our market leading powered access, and environmentally friendly fleet of specialist equipment, which is bolstered by a highly experienced management team.
“We are proud of what we have achieved so far, and Chadwicks’ expertise will further support our growth, particularly with our specialist offerings to data centres, renewable & IT sectors, pharma and cleanroom environments.”
Eric Born, chief executive of Grafton Group, said: “We are pleased to have agreed to acquire HSS Hire Ireland which is a well-respected tool and equipment hire business and brand with a strong and experienced management team.
“This transaction is in line with Grafton’s strategy to strengthen our market positions in existing and adjacent markets and will broaden the offering of our Chadwicks business in the Republic of Ireland where we continue to see compelling opportunities for further growth.”
Steve Ashmore, executive chair of HSS ProService and Director at HSS Hire Group, added: “This transaction realises an attractive valuation for our shareholders and is a reflection of our continued strategic progress towards creating a more focused business with two distinct divisions well positioned to deliver enhanced returns when UK construction improves.
“I would like to thank Michael Killeen, CEO of HSS Hire Ireland, and his team for their dedication over many years.
“We are delighted that as new owners Grafton Group plc will continue to support the growth of the business and wish them every success.”
The transaction is expected to close in the second quarter of this year (subject to CCPC clearance).
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