Rival wants to buy HireQuip – report
Hirepool is in exclusive talks to buy embattled rival HireQuip, the Australian Financial Review reports.
Pacific Equipment Solutions, PES Finance and Hire Equipment Group – the parent companies of equipment rental company HireQuip – were placed in receivership in July.
Receivers KordaMentha said at the time the operating business of the Tasman Capital-owned company was being prepared for sale.
Hirepool ceo Mark Powell is on annual leave and could not be contacted.
Westpac media relations manager Chris Mirams referred NBR ONLINE to KordaMentha's Michael Stiassny.
Hirepool is a New Zealand-based company owned by Sydney-based private equity firm Next Capital.
The AFR report says a successful acquisition by Hirepool will see Tasman Capital pay off a substantial portion, if not all, of the debt owed to bank Westpac.
Commerce Commission might be needed for any deal.
If Hirepool is successful, it will continue a run of acquisitions, including New Zealand Access Hire earlier this year and McEntee Hire Waikato Portable Sanitation in 2010.
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Comments and questions6
Presumably Hirepool will need to raise equity to do this - in which case Tenby and Sharon are going to get punished dilution-wise?
Hire pool tried to buy hirequip last year, presumably they will now get it at a bargain price
Surely this is a better fit than U.S. or Japanese interest.
it means more job losses, sigh
According to coys.co.nz, Hunter Powell investments still owns 72% of Hirepool, and Next Capital own around 3%.??? Not really creating a merger if the purchasing company only owns 3% of Hirepool?
Well if the dude sleeping in the Ford Ranger at wairau park by the cinemas last Wednesday is a testimony to how hard thier managers work, no wonder they are doing bad