26 Apr 2016 Continued Growth for Brandon Hire
Rutland Partners 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.
Brandon Hire Limited, based in Bristol, is a leading tool and equipment hire company in the UK. Founded in 1971, the company employs approximately 900 people across more than 150 branches throughout England, Scotland and Wales. The company is a national business serving the local market providing a comprehensive range of tools and equipment primarily for use within the repair and maintenance sector of the construction industry as well as the growing events sector.
The refinancing of Brandon Hire enables the company to continue with its growth plan following a busy three years in which over 12 new branches have been opened around the country. It also adds to a busy twelve months for Rutland Partners, which has included the acquisition of Gardman Group, a leading supplier of products to the garden sector, and the acquisition of Test World, the European winter vehicle and tyre testing provider, by Millbrook as well as the successful refinancing of both AFI and Millbrook.
Tim Smith, Chief Executive Officer of Brandon Hire, said; “This transaction is another part of achieving our goals for growth of the business and to meet the demands of a growing market. The team at Wells Fargo understand our organisation’s objectives and has provided a great financial package to meet the needs of our business in the future.
David Wardrop, Partner at Rutland, said; “The Wells Fargo facility provides substantial backing to enable Brandon Hire to capitalise on the further growth opportunities ahead of it. Brandon Hire has made strong progress since our original investment, consolidating its position as one of the UK’s leading equipment hire companies, and we look forward to continuing our partnership with the Brandon Hire team.”
Steve Chait, Managing Director and head of EMEA at Wells Fargo Capital Finance, said; “We are pleased with the opportunity to work with such a great company and management team. The asset-based credit facility put in place for this transaction demonstrates the increasing capabilities and financial solutions Wells Fargo Capital Finance can customise for its clients. We are fully on board with the customer ethos Brandon Hire prides itself on, certainly we understand and relate to this.”