Tool hire firm HSS Hire, which floated on the stock market earlier this year, yesterday paid £11.3m to buy heating and air conditioning hire firm All Seasons Hire.
All Seasons, which will retain its name when it merges into HSS, had previously supplied equipment to HSS’ OneCall division that had put the firm on the group’s radar. All Seasons’ founder Kelvin Fogwill will continue to run the business.
“Their product range is highly complementary to our existing smaller-scale heating and air conditioning rental business and is a strong addition to our specialist division,” HSS chief executive Chris Davies said.
It is the latest in a slew of small takeovers by HSS, following on from the acquisitions of ABird, Apex and UK Platforms. The company listed shares on the stock market at 210p per share but they are currently still trading below that price. Last night shares closed up 2.23 per cent at 198.5p.
BDO and Eversheds advised on the takeover.