| Decision number | 200620015 |
|---|---|
| Application number | 200620007 |
| Date | 28 July 2006 |
| Offeror/applicant | Rakino Group Limited (formerly Bligh Investments Limited) |
| Ultimate applicant beneficial ownership | 76.09 percent - Australia, Australian Public 23.91 percent - New Zealand, New Zealand Public |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Freestyle Group Limited (formerly Rakino Group Limited) 51 percent - New Zealand, Hauraki Private Equity No. 1 Fund Limited 24.5 percent - New Zealand, Owens Group Limited (existing shareholders) 24.5 percent - New Zealand, New Zealand Public |
| Business activities | Property & Business Services - Business |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $172,000,000 |
| Consent Sought | To acquire property being to acquire the business and assets of Hirepool Limited, Hirepool IP Limited & Nationwide Equipment Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Bligh Investments Limited (Bligh) seeks consent to acquire the assets and business of the Hirepool Group, comprising Hirepool Limited (Hirepool), Nationwide Equipment Limited (Nationwide) and Hirepool IP Limited (Hirepool IP), whose business is a New Zealand equipment rental company providing an extensive range of equipment. Bligh will be the holding company for Next Capital's Pty Limited's (Next Capital) investment in the Hirepool Group. Next Capital is an Australian private equity company incorporated on 25 November 2004. Since incorporation Next Capital has raised capital totalling A$265 million from wholesale investors. The proposed acquisition meets Next Capital's investment strategy of investing in businesses with the ability to generate value over a medium term period through a combination of Next Capital's financial resources and Hirepool's management experience. |
| Contact | Cathy Quinn Minter Ellison Rudd Watts P O Box 3798 AUCKLAND |