06.06.2010

Coates completes Monash Acquisition

Australian based Coates Hire has acquired the assets of Monash Hire Group for an undisclosed sum. The deal closed on Friday after being referred to the Competition and Consumer Commission.

Coates which has been a division of Perth based National Hire, since 2008, will acquire the rental fleet, 35 employees and five branches, three of which are located in Victoria, one in Queensland and one in Auckland. The deal will be funded from existing cash reserves.

Coates Hire managing director Andrew Aitken said: “The acquisition is expected to add earnings and is consistent with the strategy of growing the core business where appropriate returns can be generated and indicates the commitment of Coates Hire's management team and board to continue to develop the business”.

This is the first significant acquisition by Coates Hire since it merged with the National Hire business in January 2008. Coates is the largest rental company in Australia and has around 200 locations.

Monash Hire is privately owned and was the HRIA rental company of the year in 2009 and has a significant fleet of aerial lifts. It was founded in 1966 and then bought out by Enrico Abbonizio, the founder and owner of Huntingdale Cranes in 1998.