The owners of equipment rental company HireQuip – Pacific Equipment Solutions, PES Finance, and Hire Equipment Group – have been placed in receivership, but the HireQuip business itself is continuing to operate unchanged.
The parent group of shareholding companies under receivership are owned by Tasman Capital Partners (NZ), who lists HireQuip director Rob Nichols as one of three owners.
Nichols last month detailed HireQuip’s post-GFC rebound, with trading profits exceededing NZ$20 million for the first time in three years, and strong market share gains.
“Having ridden out the recession we are entering an exciting growth phase – we were pleased to open a new branch last month at Dyers Rd in Christchurch. This is the first new HireQuip branch opened since 2006,” Nichols says.
“With construction activity forecast to accelerate, acquisitions are back on HireQuip’s agenda.
“HireQuip is well positioned to acquire competitors whom have struggled in a contracting market. We will expand our product range in high demand niches.”
Brendon Gibson of KordaMentha has been appointed to the receivership, and says the HireQuip operating businesses are not affected by the receivership and will continue to operate as usual while the company is prepared for sale as a going concern.
He adds the financiers are committed to the business and will continue to provide support to achieve a successful sale process.
“We do not anticipate any need for us to become involved in the businesses themselves,” says Gibson.
Brian Stephen, HireQuip director and CEO, says both he and the senior management are committment to HireQuip.
He believes the receivership will allow them to continue running day-to-day operations, and focus on long term planning, without any potential distractions while the capital structure and ownership of the businesses is resolved.
Stephens says that, notwithstanding this process, he could assure staff, customers, landlords and creditors that the receivership would have no effect on the HireQuip business.
“It is business as usual, with myself and the balance of the senior management team remaining at the helm, with the continued agenda of ensuring we deliver ‘best in class’ service and fleet to our customers,” says Stephens.
