Hirepool Continues its National Spread

RAKINO GROUP LIMITED
PO Box 12048, Penrose,
Auckland
MEDIA RELEASE

Hirepool Continues its National Spread with New Branch in Whakatane

Auckland, 17 October 2007: New Zealand industrial services and distribution leader Rakino Group has continued to strengthen its foothold in the industrial sector with the acquisition of East Bay Hire in Whakatane, which takes effect on November 1.

Tenby Powell, Chief Executive of Rakino Group says this latest strategic acquisition, which will include the re-branding of East Bay Hire to become Hirepool Whakatane, continues Hirepool’s focus to create a truly nationwide company.

Hirepool has recently opened new branches in Gisborne and Whangarei and this new business lifts Hirepool’s total number of branches and business units throughout New Zealand to 71 in 51 locations nationally.

Last July, Australian private equity investor, Next Capital, purchased Hirepool for $172 million and since then has invested more than $45 million to support Hirepool’s planned growth strategy.

East Bay Hire’s owner Colin McKay established the business 15 years ago with his wife and says they are happy to step aside and look forward to a lifestyle change.

Colin is confident Hirepool is “in a great position to launch off the loyal customer base we’ve built and will be able to offer more choices to customers by utilising a greater resource of equipment that was otherwise unavailable to them.”

New branch manager Garth Cunningham will be joining the Hirepool Whakatane team from Hirequip. The business, which has a 25,000 square metre site and eight staff, is located on the corner of McAlister and Bracken Street.

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