Coates Hire Limited, Australia's largest equipment rental company, completed its acquisition of Wreckair from its parent company Brambles Australia Ltd.
Coates' chairman Bill Cutbush, said the Wreckair acquisition delivers a number of strategic benefits to Coates, including improved national distribution and infrastructure; expanded representation in servicing of major markets such as industrial, construction, resource and infrastructure development; strengthened position and brand awareness in the Australian general equipment rental industry; and improved fleet utilization and economies of scale.
Coates acquired Wreckair for about U.S. $33 million and expects its annual revenue to grow about 40 percent, from about U.S. $128 million to about U.S. $180 million.
Brambles in January sold its U.S. equipment company, Brambles Equipment Services U.S. to Evanston, Ill.-based National Equipment Services.
