Travers Smith has advised HSS Hire Group plc (to be renamed ProService Building Services Market Place plc) (the "Company") in relation to the entry by ProService, the Group's digital marketplace focused on customer and supplier acquisition, into a five-year commercial supply agreement with Speedy Hire plc ("Speedy Hire") and Speedy Asset Services Limited ("Speedy AS"), resulting in Speedy AS becoming the principal equipment supplier to ProService.
In connection with the entry into the commercial supply agreement Speedy Hire has also agreed to invest in ordinary shares of the Company and will hold a 9.99% stake in the Company following completion. The Company has separately agreed to dispose of the entire issued share capital of HSS Service Finance Limited, including its trading subsidiary HSS Service Group Limited, trading under the brand HSS The Hire Service Company ("THSC") to funds managed by Endless LLP.
The transactions are subject to a number of conditions including: (i) approval by HSS' shareholders; and (ii) certain anti-trust matters, in each case being satisfied by no later than 31 December 2025. In addition, the commercial agreement, the investment by Speedy Hire in the Company and the disposal of THSC are all inter-conditional.
The cross-practice Travers Smith team on this transaction was led by the Corporate and Technology & Commercial Transactions practice groups. Corporate advice was led by Partner Mohammed Senouci, supported by Senior Associate Virginia Holdenson, Associates Andrew Granville, Natalia Ivanova, Diarmaid Leahy, Tom Paterson and Will Rann, and Trainee India Gale. Technology & Commercial Transactions advice was led by Partner Richard Offord supported by Associates Toby Major, Isabel Cridland and Oliver Richmond.
Specialist Competition advice was also provided by Partner Stephen Whitfield, Senior Associate Tom Davies and Associate Brooke Gibson. Specialist Real Estate advice was provided by Partner Alex Millar, Senior Counsel Catherine O'Driscoll, Senior Associate Sophie Burns and Associate Olivia Metcalf.
