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Rival wants to buy HireQuip – report


New Zealand company owned by Sydney-based private equity firm in "exclusive talks".

NBR Online staff
Mon, 01 Oct 2012

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.

Comment was not immediately available from KordaMentha.

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.

NBR Online staff
Mon, 01 Oct 2012
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Rival wants to buy HireQuip – report
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