Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Hirepool Purchase of Hirequip Finalised Today

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.

-ends-

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fund For PPP Plans: Govt Embraces Targeted Rates To Spur Urban Infrastructure

The government's latest response to the Auckland housing shortage will see central government and private sector firms invest in 'special purpose vehicles' to fund essential roading, water and drains that Auckland Council can't fund without threatening its credit rating. More>>

ALSO:

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO: