READING, UK -- Wolseley announced today that it has agreed to dispose of Brandon Hire Limited, its UK tool and equipment hire business, to Rutland Partners.
Total cash consideration of £43 million will be payable on completion, subject to normal closing adjustments. Completion is expected within 30 days.In the year ended 31 July 2010, the business generated revenue of approximately £70 million. Net assets being disposed amount to approximately £35 million.
Commenting on the disposal, Ian Meakins, Chief Executive of Wolseley, said:"We are disposing of the business in line with Wolseley's stated strategy of focusing on our growth businesses and those with synergies. 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."