HSS Hire Group plc Acquires All Seasons Hire Ltd
HSS, the tool and equipment-hire company, announces that it has acquired All Seasons Hire Ltd ("All Seasons"), one of the leading heating, ventilation and air-conditioning ("HVAC") hire companies in the UK, for a total cash consideration of £11.4m.
All Seasons specialises in the supply and installation of temporary, large-scale heating and cooling equipment, including emergency boilers for facilities such as schools and hospitals, and backup cooling equipment for use by facilities including data centres. All Seasons also offers smaller scale air-conditioning and heating equipment for use in offices and other buildings, complementing HSS' existing range. Headquartered in Andover, the business has satellite operations in Dartford and Birmingham.
HSS is acquiring the entire share capital of All Seasons, with the consideration paid wholly in cash and funded from the Group's existing revolving credit facility. The acquisition is expected to be earnings enhancing within the current financial year.
In the 12 months to 31 March 2015, All Seasons delivered unaudited revenue of £4.9m, EBITDA of £1.9m and operating profit of £1.3m. At 31 March 2015, the gross assets employed in All Seasons were £4.7m.
All Seasons was founded in 2006. Kelvin Fogwill, Managing Director, will continue to lead the business for HSS. The All Seasons brand name will be retained under the HSS parent brand, the approach adopted successfully on other recent HSS acquisitions including ABird, Apex and UK Platforms.
Chris Davies, Chief Executive Officer of HSS, said: "HSS have a longstanding and successful relationship with All Seasons as a supplier to our OneCall business. 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."