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Equipment lender Hirepool has announced two new acquisitions, part of $40 million in capital expenditure made by the company since it changed owners last July.
Today the company said it had bought Gisborne Hire, which supplies the construction and contracting industry and has a party hire operation, from John and Lisa Rafferty.
It had also acquired Barricading Solutions, which specialises in high speed concrete crash delineators -- temporary 2.5 tonne concrete barriers -- pedestrian barriers and fencing, across the North Island.
The two new businesses lifted the company's total number of branches and business units throughout New Zealand to 72, including 24 in the South Island.
Hirepool was bought for $172 million last July by Australian private equity firm Next Capital, from Goldman Sachs JB Were.
Next Capital took an 80 per cent stake with the balance held by Hunter Powell Investments and senior Hirepool management.
Chief executive Tenby Powell said Hirepool had been in a growth phase when Next Capital bought it, and still had considerable growth to go.
The $40 million in capital expenditure since Hirepool changed had gone into eight specific initiatives, including the two acquisitions announced today and the spending of about $4 million on elevated work platforms and access equipment.
Hirepool had also bought Henderson Rentals after identifying a need to have a commercial vehicle rental arm, and it was intended that brand would be taken nationwide as a division of Hirepool, Mr Powell said.
Another acquisition was large generation and pumping equipment importer and distributor Power Plant Supplies, bought last November.
- NZPA
