The acquisition of Western Australia based Statewide Equipment Hire by Onsite Rental Group has been completed creating the second largest powered access rental fleet in Australia.
The deal which was agreed around four weeks ago, but not yet widely announced, was completed on December 16th and is now moving ahead as a largely asset based takeover, reportedly worth around a$70 million.
A letter to customers refers to the acquisition as an “Asset and share deal” and says that the Statewide business will become part of Onsite Rental Group Operations (WA) trading as Statewide Equipment Hire.
Onsite is taking over the Statewide creditor portfolio, while the old Statewide business will collect its outstanding debtors. Statewide’s 80 employees will transfer to Onsite while its founder and managing director Lou Quistini will become an executive director of Onsite with responsibility for Western Australia.
The two companies have similar fleet profiles, with large aerial lift and telescopic handler fleets, predominantly Genie, along with industrial fork trucks and more general equipment. The combined access fleet is thought to be in the region of 3,500, making it the second largest in Australia.
The acquisition takes the number of Onsite locations in Western Australia from four to 12 although at least three of them – Perth, Karratha and Kalgoorlie – overlap. Onsite operates from 10 locations, three in New South Wales, two in Queensland, one in Victoria and the four in WA.
Onsite has been controlled by Australian private equity firm Next Capital, which also owns New Zealand’s largest rental company Hirepool, acquired Onsite in 2007.