HSS will use the majority of the proceeds from the sale to pay down debt.
As part of the deal, HSS will offer its customers aerial work platforms from Nationwide on a re-rent basis.
Nationwide Platforms is the UK’s largest mobile elevating work platform (MEWP) hire company with more than 12,000 machines in its fleet. It was taken over by French rental giant Loxam last year.
HSS bought UK Platforms in 2013 from French manufacturer Haulotte. It has a fleet of around 3,000 platforms, operates from 12 branches.
The deal remains subject to shareholder approval and could potentially attract the attention of the Competition & Markets Authority.
HSS said that the disposal was consistent with its strategic agenda of reducing debt and focusing on the core tool hire business.
HSS chief executive Steve Ashmore said: "Since our strategic review last December we have made substantial progress against our strategic priorities by reducing costs, delivering major operational change, improving trading and re-financing. Today's announcement is another step forward. It will accelerate progress against our strategic priorities, enabling further deleveraging through debt reduction and allow greater focus on our core tool hire business. The UK Platforms business has made an excellent contribution to the group over recent years, but considering our priorities and focus on tool hire we feel it will reach its full potential under new ownership. We will continue to provide our customers with all of their powered access needs through our existing fleet and the new strategic partnership with Nationwide."
Don Kenny, CEO of Loxam’s Powered Access Division said: “I am delighted with the acquisition of UKP which will further reinforce NWP’s position as the leading powered access specialist in the UK. The customers, employees, fleet & facilities that UKP will bring to NWP will help us expand our offering and enhance our service to both sets of customers. The partnering agreement with HSS is an exciting development for both companies which I am sure will bring mutual benefits to both our & HSS’ customers.”