Japanese rental giant Nishio Rental All said it had agreed to buy around 15.7 million new shares - representing 80% of voting power - in Australia-based access rental specialist Skyreach.
The deal is worth around AU$21.2 million (€14.3 million). The companies said that, as a combined entity, they ranked worldwide as one of the top ten aerial work platform rental companies.
Nishio is one of the ‘big three’ rental companies in Japan, offering aerial work platforms and construction equipment rental across 368 branches in its domestic market as well as, Vietnam, Malaysia, Thailand, Singapore, Indonesia and China.
Skyreach is one of Australia’s largest privately owned elevated work platform rental companies, with ten branches along the East Coast of Australia.
Skyreach was founded in 1994 by Rod Leech. Following the investment by Nishio, the companies said Mr Leech would continue as a shareholder and would remain as the CEO and managing director of the Skyreach business.
“I am pleased to confirm this long term partnership between Nishio and Skyreach in Australia,” said Mr Leech.
“The investment by Nishio will allow us to grow the Skyreach business further. We are now able to access new areas enabling us to provide an even better service and greater product range to the Australian rental market.”
Mr Leech added that Nishio team had been very impressed with the positive culture and experienced team that Skyreach built over the past 22 years.
Mr Leech said,“This is an exciting time for all of the employees at Skyreach and I look forward to leading and further growing this company throughout the Australian rental industry.”