Aggreko acquires New Zealand power renter

Aggreko is to acquire New Zealand power rental company N. Z. Generator Hire Ltd for NZ$27.5 million (£12.7 million). NZ had revenues of NZ$13 million (£6.0 million) in 2010 and Aggreko said it was the largest power renter in the country.

Aggreko will merge NZ Generator Hire with its existing business in New Zealand, strengthening Aggreko's ‘local' rental business in New Zealand and the pacific Islands. Philip Lendich, the current managing director of N.Z. Generator, will manage the combined business, which will trade under the Aggreko name.

N.Z. Generator is headquartered in Auckland and was founded 20 years ago. It operates a fleet of 156 generators providing 45 MW of power and has five rental locations in New Zealand and several long-term power contracts in the Pacific Islands.

Rupert Soames, Aggreko's chief executive, said; "We are delighted to have this opportunity to strengthen our business in New Zealand and the Pacific Islands, and we look forward to welcoming the employees of N.Z. Generator into the Aggreko team.

"This is the kind of bolt-on acquisition which adds value to our business, and follows the acquisition in December 2010 of Northland Power Services in the United States."

The acquisition will increase to 15 the number of service centres it has in the Australia-Pacific region.