HSS engages advisers to conduct strategic review
By Murray Pollok16 May 2012
HSS Hire has engaged financial advisers to conduct a strategic review of its options, signalling the possible sale of the business.
Since 2007 it was been owned by Och-Ziff Capital Management and Aurigo, the private equity firm headed by ex-Asda supermarket chain CEO Archie Norman.
Finacial advisors Lazard & Co Led will "update its assessment of strategic options" said HSS in a statement.
HSS said the board regularly reviewed the market to monitor "the best options for the business". The company has undergone a significant transformation in the past three years, shifting away from its former high-street presence towards a smaller network targeted at professional customers in utilities, facilities management and construction.
The company said it was "growing and profitable; underlying core business remains strong and the group expects continued growth, underpinned by major operational improvements in 2011."
Before its acquisition by Och-Ziff and Aurigo, HSS was owned by private equity company 3i.