A transformational transaction sees Speedy Hire join the ProService marketplace, delivering a material uplift in revenue and profit at HSS Hire (to be renamed ProService Building Services Marketplace). Speedy Hire pays £35m of consideration for a 9.99% equity stake, as well as certain rental assets. This effectively funds the exit from the traditional asset hire business which is sold to Endless LLP (PE), with a £26m dowry, and delivers a full separation of both entities. The exit minimises risk to shareholders and customers and it allows capital to be refocused on unlocking the significant medium term growth potential in ProService. Post deal, the business transitions towards a high return, capital light model, with run rate revenues of c.£370m+ and EBITDA of c.£20m. We target a 10.0x Mar. ’27 EV/EBITDA multiple to drive our 20p TP and initiate with a Buy recommendation.
