Perth, Australia-based National Hire Group expanded its operations by acquiring Monash Hire, based in Victoria, Australia, according to Australian online news reports. Coates Hire, a subsidiary of National Hire, will fund the acquisition from existing cash reserves. The transaction was expected to be finalized this week.
The acquisition includes five branches, three in Victoria, and one each in Queensland and Auckland, N.Z. Coates Hire managing director Andrew Aitken said the acquisition is expected to add earnings and is consistent with the strategy of growing core business where appropriate returns can be generated. He added that Monash will provide active contracts and customers and an entry point to the New Zealand rental market, providing an opportunity to evaluate growth prospects in that country.