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3i backs £145m management buy-out of UK tool hire company

European private equity firm 3i has announced that it is backing the £145m management buy-out of HSS tool hire. ABN Amro is proving debt financing for the deal.

‘In HSS we are backing a top class management team,’ said Gary Addison at 3i. ‘Through our unrivalled network of people and our sector experience, we will unlock the value of this business to the benefit of its customers and its staff. We are one of Europe’s leading investors in the support services market, and we expect HSS to be a valuable addition to our extensive portfolio.’

3i has also agreed to acquire Swedish Pharmadule Emtunga from IDI. Pharmadule is a supplier of production facilities to the pharmaceutical industry and telecom sector with sales of SEK2.2bn in 2003.

‘Pharmadule Emtunga is an extremely interesting company with a unique position in an attractive and growing market,’ said Gustav Bard, managing director of 3i Sweden. ‘The company has a unique product offering and a highly competent management team and organisation, and we consider that it has excellent prospects for continued profitable growth.’

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