Australia Rental Company Onsite Rentals Prepares for IPO

Australian rental chain Onsite Rentals has been valued at as much as AUS $700 million (about U.S. 475 million) in preparation for its pending initial public offering by sponsor brokers Bank of America Merrill Lynch and Macquarie Capital, the Australian Financial Review is reporting.

Michael Roth

Oct. 11, 2019

Onsite Rentals has 7 percent market share in the resources, infrastructure, commercial and industrial and property markets, AFR said. Onsite Rentals is owned by a group of financial investors that took control through a restructure in 2017. Onsite’s leading competitors in the Australian equipment rental market are Coates Hire and family-owned Kennards Hire.

Onsite was founded in 1988 and now has 34 branches in Australia, according to the documentation. The brokers said Onsite was expected to record $235 million in revenue in the 2019 financial year, and $75 million EBITDA, with primary revenue coming from rental of power generation, access equipment, site accommodation, earthmoving equipment and industrial tools.

The brokers hope to launch the IPO in the fourth quarter. To read the full story in the Australian Financial Review, go to: https://www.afr.com/street-talk/ipo-hopeful-onsite-rentals-valued-at-as-much-as-700-million-20191007-p52yed

About the Author

Michael Roth

Editor

Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.