HSS sold to its management for £145m

Tool hire specialist HSS Service Group has been bought from The Davis Service Group by its management, backed by 3i, for £145m.

Alan Peterson, formerly chief executive of Meyer International, joins as chairman and Paul Nolan, formerly managing director of Serviceteam Holdings, has become chief executive. Current group managing director Lister Fielding becomes deputy chairman.

"HSS will have independence for the first time in its 40-year history. We will have the opportunity to move our business forward with a strengthened management team driven by providing customer service excellence," Fielding said.

Nolan said: "We will restore the company's reputation for leading the market in terms of service quality, product innovation and customer satisfaction. We intend to overhaul our network of branches and distribution methods to ensure our customers get the right tool at the right price, delivered on time to their job."

The deal is expected to be completed in the new year.