New Zealand’s Hirepool Acquires Vehicle Rental Specialist

New Zealand rental equipment leader Hirepool Limited last week continued its acquisition spree with the purchase of truck and commercial vehicle rental specialist Henderson Rentals.

In November, the fast-growing Hirepool ventured into energy rentals with the acquisition of Power Plant Supplies, the country’s No. 2 player in the energy equipment distribution market. It also recently acquired Port-a-Loo Christchurch, Davies Hire, and opened several branches.

Henderson Rentals was founded in 1964, and rents trucks, vans, mini-buses, and 4WD vehicles. With a fleet of more than 500 vehicles, it primarily rents to contractors and construction companies as well as the film industry, and a wide variety of other businesses. Hirepool is a major player in New Zealand’s fast-growing film industry, providing access equipment, generators and portable toilets to film companies.

The acquisition gives Hirepool 65 business units. The company itself was acquired last July by Australian private equity investor Next Capital for $172 million, with chief executive Tenby Powell retaining a 20 percent stake in the business.

Powell said that after creating a national network, the “second phase” of the company’s growth involved “creating separate vertical businesses, managed as specialist divisions, which complement our core equipment rental activity.” Hirepool has established an access and scaffolding division, a portable sanitation division, equipment distribution, energy rentals and now the commercial vehicle rental division.

“All the companies acquired in ‘Phase Two’ had strong relationships with existing Hirepool customers,” Powell said. “Under the Hirepool brand we could offer a broader range of products and services to this customer base.”

Powell added Hirepool will continue to look for acquisition opportunities.