Hirepool reportedly heading for sale

  • 04/05/2016
Hirepool reportedly heading for sale

Equipment rental firm Hirepool Group may be headed for a trade sale, after plans for an initial public offering two years ago failed to get enough support.

Plans to sell shares in Hirepool as part of a $262 million IPO were shelved in June 2014 after concern from institutional investors.

They feared market support for shares of the unprofitable equipment rental company wouldn't be strong enough.

Australian private equity firm Next Capital also shelved plans for a listing of its Australian-based On Site Rental Group.

However the firm is understood to be "dusting off" its plans to sell the equipment hire businesses, with speculation Hirepool could be subject to a trade sale, according to a report in The Australian.

Auckland-based Hirepool Group is 61 percent owned by Hunter Powell Investments, with 6 percent held by Next Capital, 1.9 percent by Australian investor Perpetual and 0.2 percent owned by Macquarie Investment Management, according to Companies Office records.