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3i to sell HSS to Aurigo and Och-Ziff13/06/2007. Source: AltAssets. 
 3i has agreed to sell UK tool hire company HSS in a £310m transaction to Aurigo, an investment vehicle led by ex-Asda CEO and chairman Archie Norman, and Och-Ziff Capital Management Group. 3i said it has made a return of more than four times its investment. Sources close to the deal told AltAssets that the firm has generated an IRR of around 60 per cent from the sale.
3i originally invested in the company in 2004.
Norman will become chairman of the company upon completion of the transaction.
Ken Beaty, partner, 3i, said, 'We had not planned to make a realisation at this stage, but with the business well ahead of its milestones, and strategically attractive to others, the board of HSS and 3i decided Aurigo's offer provided the right solution for both the HSS shareholders and the business.
'We are delighted with the overall return on our investment that this transaction delivers and are sure the business will continue to thrive under its new ownership,' Beaty added.
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