Hirepool acquires assets of Cube Innovations, Hamilton, New Zealand

Comments Off | 03-21-2011

Hirepool New Zealand, announced it had acquired the assets of Cube Innovations, based in Hamilton, New Zealand. Hirepool acquired Cube Innovations’ assets of about 70 portable buildings, ranging in size from 3.6m by 3m, up to 12m by 3m. Hirepool expects the investment to give it greater penetration into the New Zealand market.

Mark Powell, Hirepool’s chief executive, said the investment is in line with the firm’s strategy of increasing its market share, as more clients in the New Zealand market seek ways to cut down their own capital costs. Powell further said that as a strategic acquisition, the Cube Innovations’ assets are a perfect fit for Hirepool, as it adds the business to Hirepool’s own suite of products.

The investment comes in the wake of a previous acquisition Hirepool has undertaken within the last three months. Hirepool acquired McEntee Hire Waikato Portable Sanitation assets in December 2010.

Powell reiterated that with the renewed confidence in the construction and contracting sectors, the purchase of these two assets demonstrate Hirepool’s commitment to continued growth via acquisitions. According to Powell, Hirepool is on the lookout to acquire assets that complement its widening product range. Hirepool also owns and operates Henderson Rentals and Rhodes Rentals as well as New Zealand’s largest portable sanitation business, Port-A-Loo.

Cube Innovations manufactures portable lunchrooms, office blocks, portable toilets, showers and short-term accommodation units for heavy construction and engineering projects, as well as the horticultural industry and for sporting, entertainment and cultural events.

Peter Elliot, Hirepool’s national product manager, noted that Cube Innovations’ business line compliments much of Hirepool’s rental equipment and enables the firm venture fully into the portable building industry.  Elliot reiterated that given the increasing demand for temporary buildings, Hirepool will be well placed to meet these demands in both the North and South Island.

According to Elliot, Hirepool has already sent a number of ablution blocks to service welfare centers and emergency services in Christchurch. The portable building market is estimated to be a NZ$25-30 million business per annum. Hirepool has been receiving increased numbers of calls from customers to help them out with temporary and long-term solutions, which it will now be able to provide, added Elliot.

Hirepool was bought in 2003 by Rakino Group Ltd, a New Zealand consortium comprising JB Were, Hunter Powell Investments Limited, and Mainfreight Ltd. Today Hunter Powell Investments Limited and Next Capital own the recently renamed New Zealand Rental Group, operating from key locations throughout the North and South Island, with a strong commitment to continued growth.

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Posted in Foreign Direct Investment/FDI New Zealand, General, Real Estate New Zealand |

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