Carlyle Group LP and Seven Group Holdings Ltd., both of which own about 45 percent of Australia’s largest equipment rental company Coates Hire, have appointed Goldman Sachs Group to advise on the sale of the company, The Malaysian Reserve is reporting. Carlyle wants to sell the company for more than AU $3 billion (about U.S. $3.1 billion), according to sources.
A possible sale of Coates would free up cash for further investment by Carlyle, one of the United States’ most active private equity buyers.
Seven CEO Peter Gammell told Coates’ annual shareholder meeting that a strategic review will begin immediately. Gammell said a number of inquiries from potential buyers have spurred the process of considering a possible sale.
Coates has more than 200 branches in Australia.
