New Zealand’s Hirepool Preparing For Possible Sale

May 22, 2006
Hirepool, New Zealand’s largest rental company, could be heading for an initial public offering as its owners prepare to sell the company

Hirepool, New Zealand’s largest rental company, could be heading for an initial public offering as its owners prepare to sell the company, according to the Wellington Dominion Post.

Goldman Sachs Hauraki Private Equity No. 1 Fund owns 51 percent of Hirepool. Mainfreight Ltd. owns 24.5 percent and Hirepool managing director Tenby Powell and his wife own the rest.

A Goldman Sachs JBWere New Zealand official said an IPO or sale to private equity interests were possibilities.

Hirepool has grown from 14 branches to more than 50 since Powell obtained a partial ownership in 2003.