The Rakino Group, the parent company of New Zealand's rental giant Hirepool, last week announced the acquisition of Power Plant Supplies Ltd., and the formation of a new division – Hirepool Energy.

Hirepool chief executive Tenby Powell said the purchase of Power Plant Supplies, the No. 2 player in the power equipment distribution market, boosts the company into a more competitive position compared with New Zealand’s largest company Hirequip. Powell added that the acquisition enables Hirepool to own an in-house energy source as well as supply Hirepool customers around the country.

Hirepool was acquired by Australian private equity investor Next Capital in July. The company plans to develop a new facility alongside its headquarters in Auckland.

Power Plant is a specialist in the supply, installation and maintenance of generators and pumps, and has supplied more than 1,000 gensets across New Zealand and the Pacific Islands since it was established in 1991.

All Power Plant staff will be retained, the company said, and owner Alistair McDonald will continue as general manager.