Two New Zealand rental companies are becoming national players in that country’s fragmented rental market.
Hirepool, one of New Zealand’s largest rental companies, recently acquired sanitation specialist Port-a-Loo, based in Auckland, and equipment and party rental company Hire Master, based in Dunedin, according to www.stuff.co.nz, a leading New Zealand information Web site. The acquisition gives Hirepool a presence for the first time in Dunedin, home base of its main national competitor Hirequip.
Hirepool has added 10 branches since managing director Tenby Powell acquired a 24.5 percent stake in the company 10 months ago. The company acquired Taranaki Hire and Hire King in Auckland in January, and opened six greenfield startups. Powell said he hoped to have more than 40 branches nationwide by the end of 2005.
Hirequip, which has a market capitalization of about U.S. $80 million, has also been active in acquisitions, purchasing Ready Hire and generator-specialist Power Hire in recent months.
Hirepool and Hirequip are becoming national players in the New Zealand market, previously dominated by small independent companies. The fast-growing New Zealand rental industry is believed to be doing more than U.S. $300 million in rental annually, stuff reported.
