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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news