Cash boost for NZ Crane Hire
18 April 2008
New Zealand: New Zealand Crane Hire Ltd., based in Auckland, has received a NZ$13 million ($9 million) investment from two private capital funds managed by investment houses Pencarrow Private Equity Limited and AMP Capital Investors (New Zealand) Limited.
New Zealand Crane Hire Group CEO Deane Manley said the company aims to use the investment to become a NZ$100 million ($68 million) operation in five years' time, “offering a world class, one-stop lifting solutions provider across the country.”
“We have taken the company from being a NZ$4 million ($2.8 million) business six years ago to a NZ$25 million ($17 million) business today,”said Manley. “The AMP/Pencarrow investment gives us a strong capital base and capacity to grow that makes what we have achieved in the past six years pale in comparison to the opportunities ahead of us.”
New Zealand Crane Hire is the flagship company of the New Zealand Crane Hire Group, which includes New Zealand Access Hire and New Zealand Tower Cranes. The group operates from Auckland, Hamilton, Tauranga and Wellington.