Hirepool is expecting a big boost from the Christchurch
rebuild. Photo by Craig Baxter.
Hirepool is being tipped for a $300 million initial
public offering in coming months, buoyed by work expected from
the Canterbury rebuild and the expanding Auckland housing
Hirepool, which bought Dunedin-founded Hirequip in 2012, has
since consolidated Hirequip and Hirepool outlets under the
One source, who did not want to be identified, said both
became over-extended and indebted before the global financial
crisis, but the subsequent consolidation had ''hugely trimmed
down'' the two operations.
''With the consolidation [of fewer outlets], Hirepool has
increased its market share and dominance, and has economies
of scale,'' the source said.
With a 3.5% gross domestic product rise forecast for the year
ahead, and without having to compete with Hirequip, Hirepool
was ''in a good position'' to raise the $300 million capital
''with ease'' and make the most of the Canterbury and
Auckland rebuild, he said.
Hirepool had hired Deutsche Bank/Craigs Investment Partners,
Macquarie Capital and UBS to manage an initial public
offering on the NZX in the first half of this year, sources
told BusinessDay yesterday.
Rothschild-advised Hirepool, which is owned by Sydney-based
private equity firm Next Capital, appointed the investment
banks last week.
In July 2012, the companies which owned Hirequip were placed
in receivership and the business was sold to Hirepool as a
At the time, the parent shareholding companies in
receivership were Pacific Equipment Solutions Ltd, PES
Finance Ltd and Hire Equipment Group Ltd.