Rutland reaps 2.6x on £69m sale of Brandon Hire to VP

The sale generated a return of 2.6x for Rutland's £322m second fund, which it raised in 2007.

Under Rutland's tenure, Brandon Hire has repositioned its target market to focus on the SME space, which has subsequently lowered its cost base, according to a statement issued by the vendor. It also bolted on Phoenix Surveying Equipment, expanding its product range into the specialist surveying market.

Following the deal, Brandon Hire will become part of VP's Hire Station brand.

The divestment comes 14 months after Rutland Fund II sold testing and engineering business Millbrook Group to Spectris for £122m, representing a 6x return after just three years at the helm. unquote" recently spoke to the firm's managing partner Nick Morrill and partner David Wardrop about the Millbrook investment.

Previous funding
Rutland invested around £32m in the £43m acquisition of Brandon Hire from Wolseley in August 2010. The carve-out deal took 18 months to complete, according to the statement.

Company
Bristol-headquartered Brandon Hire is a tool and equipment rental company targeting the repair and maintenance segment of the construction industry and the events sector. It was founded in 1971 and has a headcount of 900 across 140 branches nationwide.

People
Rutland Partners – Nick Morrill (managing partner); David Wardrop (partner); Kajen Mohanadas (investment director); Jason Birt (investment manager).
Brandon Hire – Tim Smith (CEO).

Advisers
Vendor – PwC, Neil Sutton, Malcom Wren, William Southgate (corporate finance); Taylor Wessing, Edward Waldron, Catherine Williams, Jonny Bethell (legal).
Management – Mischon de Reya, Simon Sale, Natasha Bassett (legal).

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