The buyer is Sun European Partners – the European adviser to American private equity group Sun Capital Partners.
Caterpillar specialist Finning bought Hewden back in 2000 for £322m. The firm sold Hewden Tools to speedy Hire in 2007 for £115m.
Hewden covers 63 locations in the U.K. and has 1,300 employees. The existing Hewden commercial centre in Manchester is proposed to be the new head office for Hewden. Finning has agreed to provide transitional services to Hewden.
Finning UK will continue to operate 20 branches in the U.K. with 1,470 employees serving Caterpillar dealership customers throughout the UK based from its head office in Cannock, Staffordshire.
Andy Fraser, managing director of Finning UK Group said: “Going forward, Finning’s UK dealership will continue to work closely with our plant hire customers to place Caterpillar equipment into the UK equipment rental market.
“We are confident we can demonstrate the value of Finning to Hewden’s new owners and maintain a productive commercial relationship with Hewden.”
Mike Waites, president and chief executive officer of Finning International said: “After a comprehensive review, we have determined that for strategic and financial reasons, it is in our shareholders’ best interest to divest Hewden.
“While we believe that Hewden’s broad product offering combined with our recent restructuring and national accounts focus will serve it well in the future, owning a large, short-term rental business operating separately from our UK dealership does not align with our strategic objectives.
“Finning remains fully committed to the UK Caterpillar dealership and its employees who are strongly positioned to serve the construction, mining and power systems markets.”