17.07.2013

NZ Crane Group on the block

The owners of New Zealand’s NZ Crane Group – Pencarrow/AMP Capital investments - a private equity fund and the management have decided to offer the business for sale to a trade buyer.

The move comes eight years after they bought into the business and they see a trade sale as their simplest exit strategy with the market now beginning to revive. See New Zealand Crane set for expansion .
New Zealand Crane Hire was formed from the acquisition of Central Cranes Ltd from The Northland Port Corporation in October 1999 and has 21 mobile cranes topped by a 2011 450 tonne Grove GMK 7450. Seven of the cranes are larger than 100 tonnes.
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New Zealand Crane Hire's Grove GMK7450

The company also has four top-slewing tower cranes, seven self-erecting tower cranes and 12 telehandlers, which it says are available for sale as part of the deal or by separate negotiation. The business also has a wide range of lifting equipment and a fleet of trucks, trailers and support vehicles.
The business now operates from one location in Auckland and employs 42, annual revenues are currently in the region of NZ$10m (€6m/$8m) and fixed assets amount to around $23m (€14m/$18m).
Over the past year or two, the owners have been moving the business from a more diverse group of locations and activities to this single location, more focused entity including selling its access division to Hirepool last year and closing the Wellington branch and selling its assets to Titan. See NZ closes Wellington
See Hirepool buys NZ Access

Companies interested in bidding for the company are asked to register their interest with Phil Bishop at [email protected]
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Three Grove all-terrain cranes belonging to NZ Crane Group hoist luxury yacht Endeavour from Auckland harbour, New Zealand.