6 May 2013
Media Release
Hirepool Purchase of Hirequip Finalised Today
Hirepool’s purchase of Hirequip was finalised today, with the newly-created business targeting a range of growth
opportunities nationwide.
Mike Foureur, Executive Director of New Zealand Rental Group, which owns Hirepool, announced settlement of the
industry-transforming transaction today.
“This is the most exciting transaction in the history of the hire industry in New Zealand. We are delighted to have
brought these two industry leaders together and see many strong opportunities for the combined businesses.
“With our New Zealand-wide footprint, we will be providing greater nationwide capabilities, a ‘best in class’ fleet and
the most experienced staff in the industry.”
Hirepool chief executive Mark Powell, who will be continuing with the company, said it would be making a significant
investment in updating assets and expanding its product range.
“Our focus is very much on growing the business. We have identified a number of opportunities where there are gaps in
the New Zealand rental market and we intend to invest considerable capital expenditure to fill those gaps and augment
our offering to our customer base.
“This merger will allow us to better service our customers while adding tangible value to the services we provide them,
via improved assets and an enhanced branch network which gives us unparalleled access to all regions of the country.”
Powell said all Hirequip employees have been offered, and accepted, positions under the new ownership structure.
Foureur said Hirequip, with its emphasis on heavy equipment, and Hirepool, which concentrates on specialist and SME
markets, provide a complementary customer offering and broad operational capabilities.
“Obviously, we will be undertaking a comprehensive review across both businesses to identify duplication but our main
aim here is growth through an enhanced product offer and unrivalled customer service. At the end of the day, equipment
hire is all about having the best equipment supported by the best people – and our combined group has both.”
“In the meantime for all our customers it remains business as usual. Both Hirepool and Hirequip will continue to operate
under their own names in the near term, although that was likely to change further down the track. We look forward to
making some exciting announcements in the coming months,” said Mike Foureur.
Chief Executive of Hirequip Brian Stephen, who will also remain with the business, said it was an exciting time to be in
the equipment hire industry.
“This merger offers many benefits that enable us to harness the potential that exists within the industry. For example,
we are already doing a lot of work in Canterbury and, given our expanded resources, that will grow in the coming years.
“We also believe the Christchurch rebuild will take longer than some pundits are currently predicting so that will be a
sustained effort for us going forward,” said Stephen.
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