Hot on the heels of the Onsite Rental Group acquisition of Prime Rentals announced earlier in the week, the AFR is today reporting that National Plant and Equipment is gearing up to take over Wolff Group. NPE is reported seeking a $100m float to finance the purchase with the help of UBS and Deutsche.
NPE is currently the number 2 in the market to the roughly $600m EMECO in heavy earth and mining equipment specialists and the acquisition would cement this position. Not without a storied history, NPE was rescued from administration in 2016 on the back of the mining boom contraction.
Two deals in one week? It certainly seems like construction equipment rental is entering a period of consolidation not seen since the late 2000's. Oddly enough the market leader Coates Hire (after announcing an incredible turnaround in its recent results) has been quiet of late despite once being the master of the bolt-on acquisition growth strategy... watch this space.