HSS Hire Group, the parent company of HSS RentX, last week announced it has retained leading rental industry consulting firm Hageman, Stansberry & Associates to assist in the sale of its United States locations.
HSS RentX has built a nationwide network of more than 60 rental stores in 10 states and rents mainly small- to medium-sized equipment. Over the past several years under HSS, the company has invested heavily in its rental fleet and it undertook an aggressive program to upgrade and modernize its facilities. The United Kingdom-based investment group 3i acquired HSS Hire Group in January 2004 from The Davis Service Group, plc and has since undertaken a major reorganization of the company.
“The HSS board recognizes that U.S. ownership and management of HSS RentX will be beneficial to both the customers and employees of the company and will enable HSS to focus its investment and efforts on its core business in the U.K.,” said David Kilonback CEO of HSS RentX.
“This company has excellent upside potential. We have the infrastructure of top quality facilities and equipment in place and, most importantly, we’ve got a great group of employees ready to take this business to the next level,” added Tim Campbell, vice president of business development for RentX.
HSS RentX has closed a number of branches during the past year, and has opened new facilities in Los Angeles, San Diego, Denver, Richmond, Va., and Colorado Springs, Colo.
Gary Stansberry, one of the partners in HS&A, told RER that they are just beginning the divestment process and have yet to contact more than a few potential buyers. HSS RentX’ upper management last week called in key management personnel from around the country to explain the company’s divestment plan.
Over the last several months, HS&A has assisted HSS RentX in the successful divesture of its special events rental division.
Denver-based HHS RentX is No. 20 on the RER 100.