Brandon Hire has been sold to Vp Plc, an international provider of specialist tool and equipment hire, with PwC’s Corporate Finance team advising Rutland Partners and management shareholders in the sale process.
Brandon Hire is a leading tool and equipment hire company in the UK with over 140 branches nationwide. The company serves more than 30,000 local customers with a comprehensive range of tools and equipment, primarily for use within the repair and maintenance sector of the construction industry as well as specialist applications including the growing events sector.
Following a carve-out from Wolseley plc (now Ferguson plc) in 2010, Chief Executive, Tim Smith, and his team have successfully reshaped and repositioned the business under a new brand, establishing it as a leading national player operating at a local level. The team’s strategy has seen the business achieve continued growth with lower costs, improved EBITDA1 and market leading return on capital employed (ROCE).
Brandon Hire will now form part of Vp’s Hire Station division, helping to drive growth in their successful tool and equipment rental business.
PwC has worked with Rutland and the management shareholders over a number of years providing strategic insight and advice into a potential sale process. Neil Sutton, PwC corporate finance partner who led the transaction, commented:
“I am delighted that both Rutland Partners and the management shareholders have achieved a successful exit of Brandon Hire. Vp are not only acquiring a great business with a strong brand but one that complement their existing tool and equipment hire business. The deal is a great outcome for Vp, Rutland, and the Brandon Hire team and we were delighted to play a part.”
Tim Smith, CEO of Brandon Hire, commented:
“This has been a long term collaboration with PwC. Their understanding of our sector along with our long term relationship made PwC the obvious choice.
“Neil Sutton and his team led a tight process which maximised interest in the Company from trade and institutional investors from the UK and abroad. I look forward to working with them again.”
Nick Morrill, Managing Partner of Rutland, commented:
“We would like to thank the PwC advisory team of Neil Sutton, Malcolm Wren and Will Southgate who have worked hard to run an excellent sale process and enabled us to deliver the ideal buyer for Brandon Hire.”
Notes to editors:
EBITDA refers to earnings before interest, tax, depreciation and amortization and reflects a businesses operating performance
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