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

 


Hirepool confirms IPO plans, said to raise $250M

Hirepool confirms IPO plans, prospectus next week, said to raise $250M

By Jonathan Underhill

June 9 (BusinessDesk) - Hirepool, the equipment rental company controlled by Australian private equity firm Next Capital, has confirmed plans to go public with an initial public offering, said to be aimed at raising $250 million.

The Auckland-based company said it expects to register a prospectus on June 16, with the issue price set by a bookbuild. On listing, Hirepool may have a market value of about $300 million, with Next Capital retaining a minority cornerstone shareholding, sources close to the sale process said. Earnings before interest, tax, depreciation and amortisation would be about $60 million in 2015, they said.

Deutsche Craigs, Macquarie Securities (NZ) and UBS New Zealand are joint lead managers with ANZ Bank New Zealand as co-manager, Hirepool said in a statement.

Hirepool gained antitrust clearance to buy rival Hirequip out of receivership in early 2013. That sale was required to satisfy Hirequip's secured creditor Westpac Banking Corp, which was owed $117.8 million. At the time, Hirepool said it bought the business to gain greater exposure to heavy equipment demand in Christchurch.

Hirequip's parent shareholding companies Pacific Equipment Solutions, PES Finance and Hire Equipment Group were placed in receivership in 2012.

Hirepool named Brian Stephen, former head of Hirequip, as chief executive in March, promoting him from chief operating officer. Former CEO Mike Foureur, who joined in 2013, continues as a non-executive director. At the same time it affirmed Ian Lewington as chief financial officer.

Hirepool has 69 branches throughout New Zealand, according to its website.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news