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:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news