Archie Norman, the former boss of Asda, has bought tool hire company HSS in his first acquisition through the investment vehicle he set up last summer. Daily Telegraph. The Times. Financial Times

Aurigo Investments, Norman’s private equity firm, bought HSS yesterday for £310m from private equity firm 3i.

Aurigo was backed by investment funds managed by hedge fund Perry Capital, Bank of Scotland Corporate, RIT Capital Partners, and Och-Ziff.

Norman will become the chairman of HSS, while Chris Davies will remain as chief executive.

Norman took the ASDA supermarket chain from near-bankruptcy and sold it to Wal-Mart for £6.7bn.