Hirepool Presses on with Strategic Acquisitions

Hirepool Presses on with Two New Strategic Acquisitions

Auckland, 02 May 2007: Hirepool Limited has continued to strengthen its foothold in the industrial sector with the acquisition of Gisborne Hire and Auckland based Barricading Solutions Limited.

Chief Executive Tenby Powell says these latest acquisitions continue Hirepool’s focus on creating a national footprint while identifying growth opportunities in specialist areas, as is the case with Barricading Solutions.

Earlier this year Hirepool, New Zealand’s rental equipment leader purchased the established truck and commercial vehicle rental business Henderson Rentals Limited.

Last July, Australian private equity firm Next Capital purchased Hirepool for $172 million and, together with co-investor Hunter Powell Investments Limited, has added $40 million CAPEX to support Hirepool’s planned growth strategy.

Established in 1982, Gisborne Hire Centre, which has been a Hirepool alliance partner for several years, supplies the construction and contracting industry together with a strong party hire offer. It has been owned for the last 17 years by John and Lisa Rafferty, who have worked to develop an excellent reputation in the Gisborne community. “We have built up a strong customer base over the years, of both long standing and new customers,” says Lisa.

Barricading Solutions specialises in high speed concrete crash delineators, pedestrian barriers and fencing. Hirepool General Manger of Specialist Divisions, Colin Sinton, says that while the Auckland based business only provides services across the North Island, Hirepool aims to “increase the product range and review regional growth options.”

Both acquisitions take effect immediately and all existing staff will be retained. These two new businesses lift Hirepool’s total number of branches and business units throughout New Zealand to 72, including 24 in the South Island.

ENDS

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