Hirepool Continues Growth Strategy With New Portable Building Acquisition
08 March 2011 –
New Zealand equipment solutions leader, Hirepool Limited, has strengthened its position in the portable building market
by acquiring the assets of
Hamilton-based Cube Innovations.
The acquisition of the Cube Innovations assets of around 70 portable buildings, ranging in size from 3.6m x 3m, up to
12m x 3m, gives Hirepool greater penetration into a space which Chief Executive Mark Powell says “more customers are
looking for as a way to reduce their own capital costs.”
As the country’s premier rental equipment provider, he says it made strategic sense for Hirepool to add the business to
its own suite of products. It is the second purchase made by Hirepool in the last three months following its acquisition
of the McEntee Hire Waikato Portable Sanitation assets in December 2010.
Mr Powell says with the renewed confidence in the construction and contracting sectors, the purchase of those two assets
demonstrate Hirepool is “on the lookout to acquire assets that complement our widening product range.” Hirepool also
owns and operates Henderson Rentals and Rhodes Rentals (vehicles) as well as New Zealand’s premier portable sanitation
business, Port-A-Loo.
Hirepool National Product Manager, Peter Elliot, says Cube Innovations began by manufacturing portable lunchrooms,
office blocks, portable toilets, showers and short-term accommodation units for heavy construction and engineering
projects, to the horticultural industry and for sporting, entertainment and cultural events.
“This is where we already provide much of our rental equipment and we have had our toe in the portable building space
for a few years. But this now allows us to be a serious player in that market. You only have to look around at the
number of temporary buildings that are required and we are now well placed to meet those demands in both the North and
South Island, none more so than Christchurch where we have already sent a number of ablution blocks to service welfare
centres and emergency services.”
The portable building market is estimated to be a $25-30 million business annually. Mr Elliot says Hirepool “has been
receiving increased numbers of calls from customers to help them out with temporary and long-term solutions, which we
are now able to provide.”
Hirepool, which was established in June 1955 - 55 years ago - now comprises more than 50 general hire and other
specialist rental businesses nationwide, from Whangarei to Invercargill.
ends