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NZ Crane Hire buys Wellington's Collins Cranes

News release

New Zealand Crane Hire buys Wellington's Collins Cranes

Auckland, 4 August, 2006. New Zealand Crane Hire has purchased Wellington crane company Collins Cranes Ltd. An agreement was reached with the shareholders to buy Collins Cranes which will become the Wellington office of NZ Crane Hire.

The purchase establishes NZ Crane Hire in the Wellington region where it plans to use the acquisition as a base to grow the company into the premier nationwide lifting and access solution provider.

Collins Cranes has been in business for over 20 years operating cranes up to 100 tonne capacity. General Manager Chris Collins will remain as the Wellington Regional Manager for NZ Crane Hire.

NZ Crane Hire Group Chief Executive Officer Deane Manley said he was very pleased with the purchase that has been negotiated over the recent months.

"We believe Collins Cranes is the market leader in the Wellington region and plan to use our existing Wellington Access Hire and Tower Crane operations to leverage this position even further. NZ Crane Hire will offer the broadest range of lifting options in the region."

The purchase of Collins is part of expansion plans resulting from an equity investment from a Pencarrow / AMP fund in December 2005 which enabled the acquisition of Bay Of Plenty crane company Todd & Pollock in February.

ENDS

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