Hirequip, one of New Zealand’s largest equipment rental companies, last week said its major shareholder, Nikko Citi Holdings, has agreed to sell its ownership interest to the Tasman Secondary Trust, managed by Tasman Capital Partners.

Hirequip was acquired by its senior management team and Nikko Principal Investments Australia, in 2006.

Established in 1956, Hirequip has 52 branches in New Zealand. Tasman Capital Partners is a private equity firm focused on investing in mid-sized companies in New Zealand and Australia.