In July 2006, Next Capital I invested A$27 million to purchase 75% of New Zealand equipment rental and plant management services company Hirepool. The total transaction value was A$139 million. Next Capital II invested a further $7m in May 2013 to fund the integration of Hirequip.
Hirepool operates from over 50 location across New Zealand providing it’s customers with the largest and most diversified fleet of equipment in the country.
Since acquisition, the business has more than doubled earnings through:
- The acquisition of the number 2 hire company in May 2013 and full integration into
Hirepool to create the clear industry number 1
- A number of bolt-on accretive acquisitions across New Zealand, adding both geographic
and product diversification, for example trucks and commercial vehicle hire (Henderson
Rentals), road barricade hire (Barricading Solutions)
- Several greenfield initiatives, including the establishment of Hirepool Energy Division, a
product extension into power rental services
- Initiating internal control measures to reduce the cost base of the group, particularly
around systems and extraction of synergies in capital procurement (in conjunction with