HireQuip Parent company Receivers enter into discussions

16 October 2012

MEDIA RELEASE

HireQuip Parent company Receivers enter into exclusive discussions with Hirepool owners

Michael Stiassny and Brendon Gibson as the Receivers of HireQuip’s parent companies announced today that they have entered into an exclusive negotiation period with New Zealand Rental Group Ltd (NZRG) to sell the Hirequip business.

NZRG is an investment of Next Capital, an Australian private equity firm. NZRG owns Hirepool, another significant New Zealand hire equipment business.

KordaMentha’s Brendon Gibson said “the exclusive arrangement is the result of the recent sales campaign and we now move to see if an agreement can be concluded.” A key term is that all HireQuip employees will be offered a position in the merged entity.

The Hirequip subsidiaries will continue to operate as business as usual under the direction of the CEO/Director Brian Stephen. The final agreement however will be subject to regulatory approvals including from the New Zealand Commerce Commission.

ENDS

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