Simon Moore, Managing Director of Carlyle said, “This is an exciting investment for Carlyle. We are pleased to be part of the creation of Australia’s most significant equipment hire business. Both Coates and National Hire are high quality businesses with strong management teams. We look forward to working with the management team of the merged entity. Carlyle has experience in the equipment rental industry through its acquisition of Hertz Corporation in 2005.”
The Executive Chairman of National Hire, Ray Romano said “We are excited to be partnering with Carlyle in this significant investment. It delivers greatly expanded scale to National Hire’s rental business in line with our strategic intent and provides us with access to Carlyle’s global rental industry experience. Following the transaction, National Hire will remain a listed company in its own right. Its major assets will comprise our capital sales business, a 47% economic interest in the merged Coates/National Hire rental business and net cash of approximately $40 million.”
NHR Price at posting:
$3.50 Sentiment: Hold Disclosure: Not Held
