London-listed tool hire company HSS Hire is to sell Its Irish plant hire business to Briggs Equipment Ireland in a €11.2 million deal.
Laois Hire Services represented about 4 per cent of group revenues last year, HSS said.
It said the sale represents an “attractive valuation for shareholders.”
Founded in 1989 by Michael and Maureen Killeen, Laois Hire Services specialises in the sale and hire of small plant equipment, including excavators, rollers, dumpers and large pumps. The company was acquired by HSS in 2005 in a deal valued in excess of €5 million.
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.
As part of the deal, HSS has entered into a commercial agreement with Briggs for the cross hire of equipment to ensure the broadest possible distribution of, and customer access to existing fleets.
"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," said HSS chief executive Steve Ashmore.
Briggs is on the acquisition trail, having also just completed a deal for Dublin-based business Balloo Hire Limited, whose operation in the north of Ireland is already part of the Briggs Group.
"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," said group managing director Peter Jones.
“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.”