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Leading equipment hire and solutions provider Coates will lift its fleet by 650 machines after acquiring fellow Sydney-based competitor GTH Equipment for an undisclosed sum.
GTH was initially set up in 1997 as the NSW/ACT distributor of Genie Telehandlers, before it expanded its range in 2016 to include access equipment.
The acquisition will allow Mascot-based Coates, which is owned by Seven Group Holdings (SGH) and has nearly 16,000 customers serviced via 150 branches, to expand its national network with the addition of high-quality equipment assets, supported by market-leading technology.
In addition to the machines in its fleet, Coates was also attracted to GTH Equipment's modern site in Smithfield that is well positioned in greater Sydney’s infrastructure and development growth corridor, enabling greater capacity to serve the group's growing customer base.
"This deal is a credit to the hardworking and dedicated team of GTH Equipment employees who, alongside owner Chris Crane, have built a successful business comprising a loyal customer base and high-quality fleet of telehandlers, boom lifts, scissor lifts, vertical man lifts, and forklifts," says Coates chief financial officer Jeff Proctor.
In addition to more than 650 machines in GTH Equipment’s fleet, its modern site in Smithfield is well positioned in greater Sydney’s infrastructure and development growth corridor, enabling greater capacity to serve Coates’ growing customer base, while complementing Coates’ vision to be the market leader in safe, smart and sustainable equipment solutions.
"Growth is central to the Coates Team25 strategy and transactions such as this demonstrate our commitment to building on our national network of assets," adds Proctor.
The acquisition was completed on Friday, 9 February. GTH Equipment has transitioned its assets to Coates, with the buyer notifying GTH Equipment’s customers and suppliers of the changeover.
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