By Mark Kleinman, City Editor
The British tool hire chain HSS is joining the queue of companies lining up for a London stock market listing even as choppy markets prompt others to postpone flotation plans.
Sky News has learnt that HSS' owner, Exponent Private Equity, is in the process of selecting banks to work on an initial public offering that would take place sometime next year.
Insiders said that Exponent was confident of achieving a premium valuation for HSS, which has benefited from the broader recovery of the UK economy, although the precise timing of a flotation would depend on market conditions.
In recent weeks, Miller Homes, the housebuilder, has called off a planned IPO, citing market volatility, although other companies, including Aldermore and Virgin Money, are pressing ahead.
Concerns about the widening impact of the ebola virus and global economic growth have triggered renewed anxieties among investors.
Analysts said that if HSS does pursue a listing, it could be worth around £600m.
Exponent acquired HSS, which trades from 250 sites in the UK and Ireland, in October 2012 from a shareholder consortium that included Och-Ziff, a US hedge fund, and Aurigo, a vehicle set up by Archie Norman, the chairman of ITV and former Conservative MP.
It has expanded both organically and through acquisitions, buying UK Platforms, a nationwide hire company supplying electric and diesel powered access products to the construction and signage industries, last year.
HSS is focused on serving business customers, with 90% of its revenues coming from clients such as Heathrow Airport and Sainsbury's.
The company has been a beneficiary of the growing trend for companies to outsource non-core activities and in contrast to some peers, has positioned itself in the 'operate and maintain' segment of the market.
Announcing half-year profits of £15.3m last month, up 35% on the previous year, Chris Davies, HSS chief executive, said: "The group has achieved a strong first half performance, with our long-term strategy continuing to drive revenue and EBITDA growth.
"In all customer groups, regions and product categories we have achieved organic growth - supplemented by positive contributions from our specialist acquisitions."
Exponent declined to comment on Wednesday.
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