LONDON (Alliance News) - HSS Hire Group PLC, a tool and equipment hire company, said it has acquired heating, ventilation and air-conditioning hire company All Seasons Hire Ltd for GBP11.4 million in cash.
In a statement, HSS Hire said that acquiring All Seasons, which is headquartered in Andover, Hampshire, with satellite operations in Darford and Birmingham, will bolster earnings inside the current financial year.
The deal is being financed through HSS Hire's revolving credit facility.
All Season's unaudited revenue amounted to GBP4.9 million in the 12 months ended March 31, with earnings before interest, tax, depreciation and amortisation of GBP1.9 million and operating profit of GBP1.3 million, HSS said.
Founded in 2006, All Seasons' brand name will be retained under the HSS parent brand. Its managing director, Kelvin Fogwill, is going to lead the business, HSS said.
"HSS have a longstanding and successful relationship with All Seasons as a supplier to our OneCall business," HSS Chief Executive Chris Davies said in a statement.
"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. Large-scale temporary heating and cooling capabilities are particularly valuable for facilities management clients and this acquisition strengthens our position as a one of the major HVAC rental companies in the UK," Davies said.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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