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Hirequip Partners For Growth

Hirequip Partners For Growth

Auckland 31 July 2008: New Zealand’s leading provider of equipment rental services today announced that its major shareholder, Nikko Citi Holdings Inc. had entered an agreement to sell its ownership interest to the Tasman Secondary Trust.

The Tasman Secondary Trust will be managed by Tasman Capital Partners. Tasman Capital Partners was formed as part of the management buy-out of Nikko Principal Investments Australia. The Tasman Secondary Trust will also include a significant equity stake in FleetPartners.

Hirequip was acquired by its senior management team and Nikko Principal Investments Australia, in 2006.

Brian Stephen, Hirequip’s CEO said: “This transaction is an important milestone in the development of the business and provides a solid platform for future growth”.

It is also pleasing that Tasman will continue their close relationship with the business and we look forward to working together to deliver strong returns to all investors”, he said

Rob Nichols, Managing Director of Tasman Capital Partners and Director of Hirequip, said “Timing of this transaction is tremendous. We are close to finalizing Hirequip’s strategic plan and will shortly be in a position to announce a number of exciting initiatives and key appointments”.

Mr Nichols added: “We are pleased that the Hirequip team has succeeded in delivering organic sales growth over the past year. This platform will provide the foundation for further organic growth and growth via acquisition.”

About Hirequip:

Established in 1956 Hirequip is New Zealand’s leading provider of equipment rental services. Hirequip has 52 branches across New Zealand and over 500 staff. Hirequip is owned by its management team and Tasman Capital Partners.

About Tasman Capital Partners:

Tasman Capital Partners was formed through the management buy-out of Nikko Principal Investments Australia from Citigroup in July 2008. Tasman is a private equity firm focused on investing in mid sized companies in both New Zealand and Australia. The team came together when the core of the DB Capital Partners team left to form Nikko in 2006. Previous investments of the Tasman Capital Partners team include: Tempo Services,

Loscam, Pacific Nursing Solutions (Healthcare Australia), Bledisloe Group, Wizard and Pacific Apparel Solutions.

ENDS

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