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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news