Hirepool boss keen to keep stake in company

Sharon Hunter and Tenby Powell. Picture / Nicola Topping

Hirepool managing director Tenby Powell says he wants to hold on to his quarter stake of the company when it is sold or floated.

But Powell, who owns the 24.5 per cent stake with his wife, Sharon Hunter, said retaining the stake would depend on who the new majority owner was.

"It's all about who," said Powell. "I'd have to make a decision as to whether I wanted to work with that party and they need to share ethics and values similar to what we've got at Hirepool and, I have to say, similar to the relationship we've got with Goldman Sachs JBWere as well."

Goldman Sachs JBWere's Hauraki Private Equity No 1 Fund owns 51 per cent of Hirepool and this week said it was considering either an initial public offering or a sale. The consortium, which also includes Mainfreight, bought Hirepool from transport group Owens for $46.6 million three years ago.

Powell would not indicate his preference between a float or a sale, but said: "I would love to see it float because I would like to see an iconic New Zealand business remain in the hands of New Zealanders."

He said it was also possible the company would be sold now, then listed in several years.

"That's a real win-win because the people who buy it will be a party to the next growth phase," Powell said.

"We know we can double our size in the next three to five years."

Mainfreight owns 24.5 per cent and chief executive Don Braid said the company was not ruling out either a float or a sale.

Braid said Mainfreight was selling because Hirepool was not a core asset. The company "inherited" the stake through its takeover of Owens.

"We will see what comes out of the process, see what is the best thing for Mainfreight shareholders," he said.

"I think there's still a lot of water to go under the bridge."