Tenby Powell, who grew Hirepool from a 14-branch rental company into a group of 86 locations, plans to step down from his role as chief executive of parent company New Zealand Rental Group. Hirepool chief executive Mark Powell will take over as CEO, according to New Zealand Internet reports.
Powell plans to devote more time to Hunter Powell, the investment group he heads along with his wife Sharon Hunter. Powell said he plans to diversify Hunter Powellâ€™s interests and will work in partnership with private equity entities looking for mid-market companies to invest in.
Hunter Powell acquired a 24.5-percent ownership stake in Hirepool in 2003. Powell grew his share of the company and grew the company through a combination of acquisitions, greenfield branch startups and partnerships. Hirepool increased its profits by 180 percent in five years.
In July 2006, Hirepool was acquired by Australian private equity firm Next Capital, with Hunter Powell retaining a 20-percent interest. Hunter Powell also has a $5 million investment with Next Capital in Australian rental company On Site Rental.