Next Capital, the Sydney-based private equity firm, may decide within the month to conduct an initial public offering of New Zealand hire equipment company Hirepool, a business it bought for $139 million in July 2006.
“Everyone is concentrating on whether to IPO the business,” Next Capital founding partner John White told Data Room in an interview. “In the next month we will make a decision.”
Mr White said Craigs Investment Partners, Deutsche Bank, Macquarie and UBS may become the joint lead managers of the Hirepool IPO whose primary listing may be the NZX. Hirepool executives have already made visits to fund managers in Australia and New Zealand to brief them about their business.
Since its acquisition of Hirepool almost eight years ago, Mr White says Next Capital has invested more equity and acquired more businesses for Hirepool that has offices in the north and south islands of New Zealand.
Mr White declined to provide any net profit or sales figures for Hirepool but said its earnings had improved “significantly” under Next Capital’s ownership.
(Reporting by Brett.Cole@businessspectator.com.au)
(Editing by Miranda.Maxwell@businessspectator.com.au)