16 October 2012
MEDIA RELEASE
HireQuip Parent company Receivers enter into exclusive discussions with Hirepool owners
Michael Stiassny and Brendon Gibson as the Receivers of HireQuip’s parent companies announced today that they have
entered into an exclusive negotiation period with New Zealand Rental Group Ltd (NZRG) to sell the Hirequip business.
NZRG is an investment of Next Capital, an Australian private equity firm. NZRG owns Hirepool, another significant New
Zealand hire equipment business.
KordaMentha’s Brendon Gibson said “the exclusive arrangement is the result of the recent sales campaign and we now move
to see if an agreement can be concluded.” A key term is that all HireQuip employees will be offered a position in the
merged entity.
The Hirequip subsidiaries will continue to operate as business as usual under the direction of the CEO/Director Brian
Stephen. The final agreement however will be subject to regulatory approvals including from the New Zealand Commerce
Commission.
ENDS