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Hirepool Parent opens new Energy Division

MEDIA RELEASE

Hirepool Parent, Rakino Group, opens new Energy Division with moves Into the Power Generation Market

Auckland, 28 November 2006: Rakino Group has broadened its interest in the New Zealand industrial sector with the acquisition of Power Plant Supplies Ltd, ahead of the launch of Hirepool Energy, the new power generation and pump rental division.

Chief Executive Tenby Powell says the purchase of Power Plant Supplies, the No.2 player in the power equipment distribution market, broadens Rakino Group’s portfolio alongside hire equipment leader, Hirepool Limited and sister company Nationwide Equipment Ltd, the local distributor for Takeuchi excavators.

Since the sale of Rakino Group to Australian private equity investor, Next Capital in July, Mr Powell, who has retained 20% of the business, says the focus has been on “Hirepool’s continued growth with the additional aim of creating a leading New Zealand distribution group. Taking a stand in the power generation sector through Power Plant Supplies goes a long way to making that happen,” he says.

“With Power Plant Supplies now on board as a sister company to Hirepool, we can establish an energy division which not only gives us an in-house energy source, it also enables us to supply our Hirepool customers nationwide.” Rakino Group also has plans to develop a new site on Great South Rd, adjacent to the current Hirepool HQ.

Specialists in the supply, installation and maintenance of generator systems and pumping equipment, Power Plant Supplies Ltd is the New Zealand importer and supplier of Europe’s top generators, Himoinsa machines and of global market leader Selwood pumps. It has supplied more than 1,000 generator sets across New Zealand and the Pacific Islands since it was established 15 years ago.

All staff at Power Plant Supplies Ltd will be retained with owner Alistair McDonald staying on as General Manager. Alistair says the agreement is a great opportunity for his business. “We look forward to new challenges and working alongside the Hirepool team. Power generation is an exciting industry – you never have the chance to get bored,” he says.

ENDS

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