Tenby Powell is stepping down as head of Hirepool, five years after acquiring the rental equipment provider.
Powell will remain as group chief executive of Hirepool's holding company, the New Zealand Rental Group - formerly known as Rakino Group - as he sets sights on expanding the group'spresence in Australia.
He has already invested in On Site Rental Group through Hunter Powell Investments, taking a position on the board. On Site is an access and portable building rental company with branches all over Australia.
"I think there is a big opportunity to take the relationship we currently have with On Site Rental Group to another level. I see that as our future, given the greater economies of scale in Australia with a population upwards of 20 million. We see a lot of growth still in New Zealand, but really in terms of what we're doing in Australia, we are in our infancy."
There were also plans to list on the ASX.
The Hirepool business has come a long way since Powell took over in July 2003. Then it had just 14 general hire branches. A combination of acquisitions, new branch openings and partnerships has seen the business increase its presence to 84 general and specialist rental business units operating under banners such as Port-A-Loo, Henderson Rentals, Barricading Solutions, Castles Marquee Hire and cornerstone business Hirepool.
In July 2006, Hirepool was sold to Australian private equity firm Next Capital, with Hunter Powell Investments retaining a 20 per cent stake.
And Powell is not done yet. The group is selling its retail division comprising Nationwide Equipment and Power Plant Supplies - a divestment expected to fetch around $10 million.
Powell said the funds from the sale would go towards two new acquisitions, one of which is South Island-based Rhodes Rentals.
The other business cannot be named yet, but Powell said it would be a "pretty significant" investment.
Mark Powell will take up the general manager's position at Hirepool, having previously been its commercial manager with nearly 20 years of industry experience.
