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

 

Drones: First Certificate Issued Under New UAV Rules

Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say the first certified flight of an unmanned helicopter under new aviation rules is a great example of how they can enable commercial use. More>>

ALSO:

GE Swedes And Cow Deaths: Plant Analysis Backs Up Earlier Advice

The industry body is recommending that farmers do not feed Herbicide Tolerant (HT) swedes to cows in spring when the animals are in late pregnancy or early lactation. DairyNZ is also advising caution if farmers are considering other leafy varieties. More>>

ALSO:

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news