Wolseley has agreed to dispose of Brandon Hire Limited, its UK tool and equipment hire business, to Rutland Partners, a UK-based private equity firm. Total cash consideration of £43 million (US$66.5 million) will be payable on completion, subject to normal closing adjustments.
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In the year ended 31 July 2010, Brandon Hire generated revenue of approximately £70 million. Net assets being disposed amount to approximately £35 million.
\”We are disposing of the business in line with Wolseley’s stated strategy of focusing on our growth businesses and those with synergies,\” Wolseley Chief Executive Ian Meakins said. \”Rutland Partners’ investment in Brandon Hire demonstrates their confidence in the business and we wish them every success as they continue to develop the business for the benefit of its staff and customers.\”