Hirequip announces strategic appointments

Auckland, 2 October 2008,

Hirequip announces strategic appointments

Hirequip, New Zealand’s largest general equipment rental company today announced that it will add significant equipment rental industry expertise to its board of Directors.

Rob Nichols, Managing Director of Tasman Capital Partners announced Tasman’s intention to appoint the former Coates Hire Limited executives, Garry Woods and Barry Meale as directors. Kim Ellis will step down from the board having served as Chairman since the acquisition by Nikko Principal Investments in December 2006. The new board will include Garry Woods as Chairman, Rob Nichols, Barry Meale, Janine Middleton and Brian Stephen (CEO) as Executive Director.

Nichols said: “These key appointments mark an exciting step forward in the development of Hirequip.  Garry and Barry are two highly respected industry executives whom over the years have developed a detailed knowledge of Hirequip and the New Zealand equipment rental market”.

Garry Woods was formerly the COO and an Executive Director of Coates Hire.   Barry Meale was formerly Group General Manager of Strategy and Development.   Both executives were key architects of the turnaround in Coates Hire’s performance and its development into Australasia’s leading equipment rental business.   Meale is credited with leading Coates’ highly successful “sweep & plug” acquisition strategy as well as the integration of Wreckair with Coates which transformed Coates and the Australian equipment rental market.   Woods was the longest serving director of Coates Hire, which was until recently listed on the Australian Stock Exchange. 

Chairman elect, Garry Woods said: "We have been working with Hirequip and Tasman for the past 6 months assisting management with the development of a strategic plan, to ensure we create value for both the customer and shareholders.” He continued: “Hirequip will aim to consolidate and grow its general equipment rental leadership position through implementing industry best practices, targeted capital investment in fleet extensions as well as strategic acquisitions.   Both Barry and I are pleased to be working with the Hirequip team and look forward to assisting with the implementation of some exciting initiatives.”  

Nichols added: “We thank Kim for his robust contribution as Chairman and we look forward to moving the business to the next level of performance with the assistance of equipment rental veterans, Garry and Barry.”

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