Jamieson has advised HSS Hire on its recent strategic review and raising of additional investment and acquisition facilities.
HSS is the second largest operator in the UK tool and equipment hire market. The business was acquired from Davis Service group in a 3i-backed management buyout in 2004. Since then, the business has been extensively restructured and has delivered significant growth in both revenues and profit.
In late 2006, Jamieson were asked to assist the new chief executive in carrying out a strategic review of the business. This involved extensive consultation with the wider management of the group, preparation of a new business plan, management of a financial due diligence process and presentation to the HSS banking syndicate.
In February 2007, the group successfully raised additional debt finance in order to enable further capital investment and increase acquisition capability.
“HSS has performed strongly since the management buyout and is well placed to take advantage of the legislative changes and shift to outsourcing that are driving growth in tool and equipment hire. Our continued involvement with a team we first worked with some four years ago is a demonstration of our focus on investing in long term relationships with our clients.”
Stuart Coventry, Jamieson
