Tenby Powell of Hunter Powell Investment Partners has re-invested in the Takeuchi construction equipment brand here with agency agreements for the Pacific Islands.
Together with private equity partners, Powell acquired Auckland-based company Hirepool in 2003. Hirepool was bought from Owens Corporation for $43 million and sold for $172 million some 36 months later.
In 2005 Hirepool became the Takeuchi agency, marking the creation of Hirepool’s retail division, then a change of owner in 2006 brought about a change of strategy and the retail division was sold. In October last year Hunter Powell took up the opportunity to reinvest in the digger brand.
“I’m thrilled to be back in the construction and contracting industry where I have many friends and associates,” says Tenby Powell. “Takeuchi is a highly valued brand and has a loyal following in New Zealand and throughout the world.”
The New Zealand Equipment Group, distributor of Takeuchi machinery, has already undergone major changes since Hunter Powell Investments acquired it last year.
“We have a new cloud-based computing system, a new inventory and parts management system, new key appointments have been made, all bringing a wealth of industry experience, and we have re-established our national service network. Soon we will have announcements about new agency agreements,” says CEO Paula Evans.