Australian boutique private equity company Next Capital is planning to go public with New Zealand’s largest equipment rental company, Hirepool, TheAustralian.com is reporting. According to estimates, the market value of the company could be about NZ $300 million (about U.S. $250 million). According to reports, investment banks are bidding for an advisory role in an initial public offering.
Next Capital acquired a 75-percent interest in Hirepool in 2006 for NZ $139 million, and has continued to grow the company through acquisitions. It acquired vehicle hire firm Henderson Rentals and road barricade rental company Barricading Solutions and last year acquired top competitor Hirequip. It also established the Hirepool Energy Division to offer power rental services.