HSS Hire Group announces £103 million IPO
London-based tool and equipment hire group HSS Hire has announced its intention to proceed with an initial public offering, believed to be worth £103 million.
HSS, which operates from over 265 locations, has also announced the appointment of Neil Sachdev as deputy independent non-executive chairman, and Amanda Burton and Douglas Robertson as independent non-executive directors.
HSS is believed to be the second largest provider of tool and equipment hire and related services in the United Kingdom based on revenues and the second largest provider of temporary power generation in the United Kingdom based on fleet size.
Chris Davies, chief executive officer of HSS, said: “HSS has outperformed the UK tool and equipment hire market in recent years by offering its customers a powerful combination of safety, value, availability and support, delivered by c. 2,900 well-trained and motivated colleagues with a passion for delivering outstanding service.
“By focusing on the more attractive and less cyclical “maintain” and “operate” segments of the market and building a sophisticated distribution network that has enabled a step change in availability and utilisation, we have established a track record of delivering industry leading growth and returns on assets.
“Having built a well-differentiated market position and a scalable business model underpinned by capital efficiency, we have an exciting opportunity ahead of us as we implement our growth plans.
“A public listing will put the business on the best footing to maximise our potential as the recovery in our markets gains momentum, enabling us to scale our model faster and accelerate our growth.”