Force Corp buyout finalised
By Euan Youdale02 September 2015
Coates Hire has finalised the acquisition of Force Corp’s assets, establishing itself as the biggest provider of access equipment in Australia.
The buyout was effective from 1 September 2015, with more than 3700 access units, including around 140 telehandlers, being added to Coates’ fleet. It sees the company become the countrys' biggest equipment supplier in this product category with more than 10000 pieces of equipment.
“Importantly,” said Coates in its statement, “the acquisition is of the assets only at market valuation. Coates Hire will not acquire goodwill through this acquisition.”
In addition, there are 13 Force Corp locations that will be brought into Coates Hire's operations over time with 100 of the 260 Force Corp employees being kept on.
In July Coates launched its five-year strategy focused on growth and customers, investment in people, productivity and cost efficiency - the acquisition is part of the growth strategy
“Access equipment is in high demand by our customers and this move gives Coates Hire a winning edge ensuring we are the biggest equipment provider in this market. This will ensure that we are set up for success and able to continue to invest to meet our customer’s requirements going forward,” said Michael Byrne, Coates Hire CEO.