Rutland Partners is pleased to announce the exchange of unconditional contracts with Wolseley PLC (“Wolseley”) for the acquisition of Brandon Hire Limited (“Brandon”). The consideration will be £43m payable in cash on completion subject to normal closing adjustments.
Brandon is a leading tool and equipment hire business with a national network of 177 depots. Brandon has over 50,000 local trade and smaller business accounts operating in a range of maintenance, building and service sectors as well as national contracts with larger customers.
Rutland is pleased to announce that Brandon Hire has acquired Phoenix Surveying Equipment, a leading supplier of construction related electronic surveying and safety equipment. Brandon Hire was acquired by Rutland in September 2010 from Wolseley PLC for £43m.
Brandon Hire continues to expand into new areas, with its latest branch opening in Telford.This follows close on the heels of Leatherhead, York, Bradford, High Wycombe and Newquay.
Rutland is pleased to announce that Brandon Hire has secured a £34 million refinancing from Wells Fargo Capital Finance (UK) Limited, part of Wells Fargo & Company, to assist in the continued growth of Brandon Hire. The refinancing has also enabled a further distribution to be made to investors.