Hirepool Takes on a Trans-Tasman Footprint

Hirepool Takes on a Trans-Tasman Footprint

Auckland, 17 July 2007: Hirepool Limited has become the first New Zealand rental equipment business to have a presence on both sides of the Tasman, following the acquisition of On Site Australia Group by Hirepool’s owner Next Capital.

Last July, Auckland private equity firm Next Capital purchased Hirepool for NZ$172million and earlier this week it took a 60% stake in On Site Australia to create a national hire group.

Hirepool Managing Director Tenby Powell, who through Hunter-Powell Investments retained a 20% share when Hirepool was acquired by Next Capital, has also taken a similar share in On Site Australia and has become a director of the new group.

“This latest acquisition now clearly provides Hirepool with a strong Trans-Tasman footprint, which is of real value to our large client base and offers exciting development opportunities for staff,” says Mr Powell.

On Site Group founder, Malcolm Williams says he can see “a tremendous opportunity to develop additional products for our existing customer base by leveraging their Hirepool relationships, as well as further greenfield and acquisition opportunities.”

Valued at A$109million, On Site Australia was established in Sydney in 1999 and has since expanded to 17 locations across New South Wales, Queensland, Victoria and West Australia – making it a market leader in the A$3.5billion a year Australian hire equipment industry.

According to Next Capital partner John White, “On Site Group represents an excellent strategic fit with our existing Hirepool business, which has already delivered double digit earnings growth – underpinned by additional investments in a range of growth initiatives since acquiring the business.

“We anticipate significant efficiencies being unlocked as the businesses operate as one in coming years,” he says.

ENDS

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