Hirepool, New Zealand’s largest equipment rental company acquired East Bay Hire in Whakatane, N.Z. The deal will be finalized Nov. 1.
Tenby Powell, chief executive of Rakino Group, which owns Hirepool, said the acquisition continues Hirepool’s efforts to be truly nationwide. It also recently opened branches in Gisborne and Whangarei, giving Hirepool 71 business units in 51 locations in New Zealand.
East Bay Hire, established by Colin McKay 15 years ago, will be re-branded as Hirepool Whakatane.
Last July, Australian private equity investor Next Capital purchased Hirepool for NZ $172 million (about U.S. $129 million) and has since invested $45 million (about U.S. 34 million) to support the company’s growth strategy.