Rutland Partners will become the new owners of Brandon’s 270 branches when the deal is finalised next month.

In the year ended 31 July 2010, Brandon generated revenue of approximately £70m. Net assets being disposed amount to approximately £35m.

Ian Meakins, Chief Executive of Wolseley, said: “We are disposing of the business in line with Wolseley’s stated strategy of focusing on our growth businesses and those with synergies.

“Rutland Partners’ investment in Brandon Hire demonstrates their confidence in the business and we wish them every success as they continue to develop the business for the benefit of its staff and customers.”

Brandon specialises in tool and equipment hire for contractors through its three main operating divisions – lifting hire, pipe hire and toilet hire.

The deal is the latest move by private equity specialists on the plant hire market.

In May Finning sold its Hewden network of dealerships for £110m to Sun Capital Partners