Coates edges into New Zealand with Monash Hire acquisition
By Murray Pollok16 June 2010
Coates Hire in Australia has acquired Monash Hire, a five-branch rental company based in Mt Waverley, Victoria. The acquisition, for an undisclosed price, brings Coates its first ever location in New Zealand.
Coates, which is jointly owned by National Hire Group and the Carlyle private equity firm, said one of the benefits of the deal is that it would give it an "entry point into the New Zealand hire market, providing an opportunity to evaluate growth prospects in a market in which the business does not currently operate."
Monash has 35 employees and five branches, three in Victoria, one in Queensland and a single location in Auckland, New Zealand. It has a strong reputation in the market, said Coates, and was winner of the Hire & Rental Industry Association's ‘Rental Company of the Year' award in 2009.
Coates said the acquisition, as well as giving it an entry to New Zealand, would immediately give it growth in the Victorian access and general hire market and also expand its fleet and customer list.
The acquisition is the first that Coates has made since its 2008 merger with National Hire and, said Coates, "indicates the commitment of Coates Hire's management team and board to continue to develop the business."