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Hirepool may be sold: report

NZ NewswireNZ Newswire 4/05/2016 Tina Morrison

Equipment rental firm Hirepool Group, may be headed for a trade sale after plans for an initial public offering two years ago failed to get enough support.

Plans to sell shares in Hirepool as part of a $262 million initial public offering were shelved in June 2014 after concern from institutional investors.

The feared on market support for shares of the unprofitable equipment rental company wouldn't be strong enough.

Australian private equity firm Next Capital also shelved plans for a listing of its Australian-based On Site Rental Group.

However the firm is understood to be "dusting off" its plans to sell the equipment hire businesses, with speculation Hirepool could be subject to a trade sale, according to a report in The Australian.

Auckland-based Hirepool Group is 61 per cent owned by Hunter Powell Investments, with 6 per cent held by Next Capital, 1.9 per cent by Australian investor Perpetual and 0.2 per cent owned by Macquarie Investment Management, according to Companies Office records.

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