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

 

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news