Decision number200620015
Application number200620007
Date28 July 2006
Offeror/applicantRakino Group Limited (formerly Bligh Investments Limited)
Ultimate applicant beneficial ownership76.09 percent - Australia, Australian Public
23.91 percent - New Zealand, New Zealand Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current0 percent
- Share proposed100 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 activitiesProperty & Business Services - Business
Details of land involvedNone
Regions involvedVarious
Total consideration$172,000,000
Consent SoughtTo 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.

ContactCathy Quinn
Minter Ellison Rudd Watts
P O Box 3798
AUCKLAND