07.10.2012

Hirepool bids for Hirequip

Next Capital, which owns a controlling interest in New Zealand rental company Hirepool has confirmed speculation that it has entered the bidding for the HireQuip rental business.

HireQuip, which is also based in New Zealand appointed an administrator in July after its owner, private equity company Tasman Capital Partners, proved unable to refinance the company’s $117.8 million of debt. Click here to see Hirequip owners insolvent

Hirequip has 37 branches and 320 employees in New Zealand, if regulatory approvals are obtained for the deal – Hirepool already has 52 locations in New Zealand - we understand that the plan would be for the two companies to continue as independent businesses and brands, at least in the short term. While no information on price has been issued, it is thought that the sum under discussion could be sufficeint for Tasman to pay off its Hirequip debts.

Australian based Next Capital, which also owns Onsite Rentals in Australia, acquired its 75 percent stake in Hirepool in July 2006 from Goldman Sachs and Mainfreight. The balance is owned by Sharon Hunter and Tenby Powell. See New Zealand’s Hirepool sold