07.05.2007

Hirepool snaps up two

New Zealand’s largest rental company, Hirepool has acquired two more business as part of its expansion and specialisation programme.

Gisborne Hire Centre was established in 1982 and has been a Hirepool alliance partner for several years. The company supplies the construction industry and has a strong party rental division. It has been owned for the past 17 years by John and Lisa Rafferty.

Auckland based Barricading Solutions specialises in high speed concrete crash barriers and pedestrian fencing.
Hirepool was purchased by Australian private equity firm Next Capital last July for $172 million See Hirepool sold and, together with co-investor Hunter Powell Investments Limited, created a $40 million fund to bankroll Hirepool’s expansion strategy.

Both acquisitions take effect immediately with all existing staff being retained. These two additions increase Hirepool’s locations and business units in New Zealand to 72, including 24 in the South Island.

Chief executive Tenby Powell said Hirepool had been in a growth phase when Next Capital bought it, and still had considerable way to go.