Australian equipment rental giant National Hire Group expects to achieve AU $30 million (about U.S. $18 million) in synergies with Coates Hire, which it acquired earlier this year. National Hire has combined its rental services division with the assets of Coates Hire in a new vehicle called Ned Group, jointly owned by The Carlyle Group, through a deal valued at about AU $1.5 billion.

National Hire chairman John Langoulant told the company’s general meeting last week that an asset sales program of unproductive fleet had begun as part of the integration process. Langoulant told shareholders the company had a strong balance sheet, putting the group in a good position for future potential acquisitions.