Tenby Powell, chief executive of New Zealand’s largest rental company Hirepool, is stepping down five years after acquiring the company. Powell, however, will remain as group chief executive of The New Zealand Rental Group, formerly known as Rakino Group — which includes Hirepool.

Powell plans to concentrate efforts in expanding the group’s presence in Australia. Powell already invested in On Site Rental Group through Hunter Powell Investments, and has a position on On Site’s board. On Site has branches all over Australia.

Hirepool has grown from 14 general rental branches when Powell took over the company in 2003 to its current 84 branches operating under several divisions: Port-A-Loo, Henderson Rentals, Barricading Solutions, Castles Marquee Hire and Hirepool. Revenue has increased more than 300 percent during Powell’s tenure. In July, Hirepool was acquired by Australian private equity firm Next Capital, with Powell retaining a 20-percent ownership stake.

Mark Powell, a 20-year rental industry veteran, was named Hirepool general manager.