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

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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