Goldman Sachs offloads Hirepool stock

Investment bank Goldman Sachs JBWere has offloaded its stock in Hirepool.

Last week, Mainfreight confirmed it was attempting to sell its near quarter stake in the equipment hire company.

"Further to speculation in the media as foreshadowed previously to the market Mainfreight Limited is divesting its stake in Hirepool," the company said in a statement.

It said it would release details when the transaction had been finalised.

Goldman today said it had sold its 51 per cent share to Australian firm Next capital for $172 million.

Next Capital, a firm set up by three former executives of Macquarie Bank's private equity arm, has also agreed to buy the 24.5 per cent held by Mainfreight.

The balance is held by Hirepool managing director, Tenby Powell, and other members of senior management.

The sale price is equal to around eight times March 2006 trading profits.

Shares in Mainfreight were today trading down 8c at 591c.

- NZPA