Laois Hire Services has been sold for a reported €11.2 million.
It’s understood that the plant hire business has been sold to Briggs Equipment Ireland by HSS Hire.
HSS Hire acquired the company in 2005 in a deal estimated at over €5 million.
The Laois business was founded in 1989 by Michael and Maureen Killeen and specialises in the sale and hire of small plant equipment.
HSS said that Laois Hire Services represented about four per cent of the group’s revenues last year. It operates from seven locations in the Republic.
HSS Chief Executive, Steve Ashmore, said, "Today’s announcement is another step forward on our strategy, enabling us to increase focus on our core tool hire business.
"Laois has made a good contribution to the group over recent years, and I would like to thank the team for their commitment. I am very pleased that the business will be joining Briggs who recognise its value and whose expertise will help it reach its full potential."
HSS says that the proceeds from the sale will be used to invest in its core tool hire business in line with the group’s strategy. As part of the deal the two companies have signed a cross hire/rent agreement.
Briggs has also just completed a deal for Dublin-based business Balloo Hire Limited.
"We are delighted to have completed the acquisition of both Laois Hire and Balloo Hire Limited. Both businesses have a strong track record of delivering value within the Irish plant hire market and we’re confident that with the backing and support of the Briggs Equipment Group, the businesses will go from strength to strength," said group managing director Peter Jones.
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