Bennett Hire acquired by Coates
Well-established local business Bennett Hire’s general equipment arm has been acquired by Coates Hire.
Coates Hire is Australia’s largest equipment hire business, with more than 115 years in the industry.
Bennett Hire has bases in Ballina and Lismore. The business hires a range of equipment suitable for small handyman jobs right through to equipment for large constructions.
Coates says it intends to complete the range of equipment of the acquired business through fleet investment in the first year of ownership, to mirror that of a typical regional Coates branch.
This will allow it to offer existing customers a full range of services, including compaction equipment for highway upgrades and larger access equipment for medium-rise building developments.
Coates chief executive Malcolm Jackman said that a more comprehensive geographic footprint in northern NSW was an important objective.
“Bennett Hire fills a geographical gap in our branch network between existing locations in Coffs Harbour and Tweed Heads and, importantly for our ability to generate immediate revenue benefits, it is an ideally placed local support base for a range of major upcoming projects in the area,” he said.
Revenue contributions in the first year of full ownership from the acquired business are expected to be around $2.2 million.
The acquisition will be funded from current financing facilities.
Coates says it will be able to service the five local councils with a population of more than 136,000 in the area, and that there is an estimated half a billion dollars worth of construction and engineering activity planned in the coming years.
