Next Capital's investee Onsite completes acquisition
Next Capital-owned contracting and recruitment services firm Onsite Rental Group has acquired Statewide Equipment Hire, a supplier of for-hire construction equipment, for A$70 million ($69.7 million).
The companies, based in Western Australia, both serve Australia's mining, construction and energy sectors. As part of the deal, Statewide's founder Lou Quistini will assume a position on Onsite's board, and his company's 80 staff will join Onsite. The company has said that its equipment assets will essentially be doubled following the merger, and according to local reports, the newly bolstered Onsite will become the second-largest equipment rental firm in Western Australia. The companies had been in talks for the nine months leading up to December, reports add.
Next Capital acquired Onsite in 2007 and has grown the company largely via acquisitions since that time.
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