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Grafton snaps up HSS Hire Ireland in €32m deal
(Sharecast News) - Building materials distributor Grafton Group has agreed to buy HSS Hire Group's Irish business in a €32m deal, it was announced on Wednesday. Under the terms of deal, Grafton will buy HSS Hire Ireland, which operates from four branches and four customer distribution centres in the Republic of Ireland.
Once the deal - which remains subject to competition clearance - completes, the business will be rebranded as part of Chadwicks, Grafton's Irish distribution business.
Eric Born, Grafton chief executive, said: "HSS Hire Ireland...is a well-respected tool and equipment hire business and brand with a strong experience management team.
"This transaction is in line with Grafton's strengthen our market positions in existing and adjacent markets."
The sale is also part of a wider restructuring by HSS, announced last year. The AIM-listed firm separated its HSS ProService and operations units into standalone businesses, with the latter rebranded The Hire Service Company.
Steve Ashmore, executive chair of HSS ProService, said the deal "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 position to deliver enhanced returns when UK construction improves".
Proceeds from the €31.6m cash and debt free deal will be used to strengthen the balance sheet, HSS noted.
In the year to 28 December 2024, HSS Hire Ireland generated adjusted earnings before interest, tax and amortisation of €3.9m on revenues of €31.9m.
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