Canaccord Genuity advises 3i and the management of HSS on its disposal to Aurigo and Och-Ziff
The shareholders of HSS Hire Service Holdings Limited - including 3i - announced on 13 June 2007 that they had agreed to sell their investment to Aurigo, an investment vehicle led by ex-Asda CEO and Chairman Archie Norman, and Och-Ziff, the leading hedge fund group. The enterprise value of the deal was £310 million. The transaction completed on Friday 15 June 2007.
HSS is the UK's largest tool and equipment hire chain. Operating under the banner of HSS Hire, the group has an established network of over 400 outlets. Its 2,300 strong workforce and fleet of over 800 vehicles reflect the Group's leading position in the market.
HSS has come through a complete turnaround since 2004 when 3i bought the business and earlier this year reported sales of £164m and EBITDA of £40m for the year ended 31 December 2006 - some 30% higher than when 3i first invested.
Canaccord Genuity was financial adviser to the shareholders of HSS Hire Service Holdings Limited.
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