New Zealand's Hirepool bids to acquire HireQuip

New Zealand rental company Hirepool is closing in on the acquisition of competitor HireQuip according to press reports in New Zealand and Australia.

Stuff, the New Zealand news website, reported that Next Capital, the private equity majority owner of Hirepool, had confirmed that it has bid to acquire HireQuip and that it was seeking regulatory approval for the deal.

HireQuip has 37 branches and 320 staff in New Zealand and went into receivership in July when its owner, Tasman Capital, was unable to refinance a loan. Hirepool has more than 50 locations in New Zealand.

More to follow.