Business
Sale of HSS Hire Ireland Limited
Sale of HSS Hire Ireland Limited.
About this update from Grafton Group Plc
[{"type":"text","content":"\n\n \n\n2 April 2025\n \nHSS Hire Group plc\nSale of HSS Hire Ireland Limited\n \nHSS Hire Group plc (\"HSS\" or the \"Company\") announces that Grafton Group plc has agreed to acquire the entire issued share capital of HSS Hire Ireland Limited (\"HSS Hire Ireland\") for a total gross consideration¹ of c.€31.6m (c.£26.2m), representing a transaction multiple of c.6.9x multiple of EBITA². The Disposal is subject to competition clearance in Ireland.\n \nHSS Hire Ireland forms part of the Company's Operations division and specialises in tool and equipment hire across the Republic of Ireland. The Disposal follows the formal separation of the Company's ProService and Operations business, now called The Hire Service Company (\"THSC\"), in September 2024 to better unlock the value in each business and provide the Board with additional optionality to maximise future value for shareholders. The Disposal will allow the Company to continue to focus on driving the long-term performance of these two standalone businesses, with the proceeds of the Disposal used to strengthen its balance sheet.\n \nFollowing the Disposal, THSC will comprise the Company's tool and equipment hire and related services in the UK, which provides a one-stop shop for all equipment through a combination of its complementary rental and re-hire business to a diverse, predominantly B2B customer base serving a range of end markets. For the year ended 28 December 2024, HSS Hire Ireland had unaudited revenues of €31.9m (£27.0m) and unaudited EBITA of €4.6m (£3.9m). As at 28 December 2024, HSS Hire Ireland had net assets of €17.8m (£14.8m).\n \nSteve Ashmore, Executive Chair, HSS ProService and Director, HSS Hire Group plc said:\n\"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.\n \n\"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.\"\n \n¹ Gross consideration is stated after adding back IFRS16 liabilities and is subje...