Buyer sought for NZ Crane Group

Leading New Zealand mobile crane rental company NZ Crane Group is up for sale.

NZ Crane Hire was established in Auckland in 1999 and has 21 wheeled mobile cranes. Largest is a 450 tonne capacity 2011 Grove GMK7450 telescopic. Seven units are 100 tonnes capacity or more and most date from around 2005. Brands in the fleet also include Franna, Kato, Liebherr and Tadano.

Also available, with the mobiles or separately, are four top slewing tower cranes, seven self erectors and 12 telehandlers. In addition to the cranes, the business, which employs 42, has lifting equipment and trucks, trailers and support vehicles.

Annual revenue is in excess of NZ$ 10 million (US$ 8 million), although there is significant additional capacity, the company said. Fixed assets at carrying amount are given by the company as being close to NZ$ 23 million (US$ 18 million).

After eight years in the business, the private equity owners of NZ Crane Group said they see a trade sale as their simplest exit strategy and, that with the market reviving, the time is right. The owners are keen to complete the sale by September. Armillary Private Capital is managing the sale on behalf of the Group and said preference will be given to parties that wish to acquire the business as a going concern.

Following the 2010 and 2011 earthquakes, official statistics show that after false starts, the forecast $35 billion reconstruction in Christchurch and Canterbury is beginning to happen. Construction activity in the Canterbury region in the first quarter of 2013 rose 23 %.