Stokes swallows Coates for $517m
Coates Hire is one of Australia’s largest industrial equipment hire businesses. Image: Coates Hire. BY CAMERON DRUMMOND SEVEN Group Holdings will take 100 per cent ownership of Australia’s largest equipment company Coates Hire in a deal worth $517m. Seven Group will acquire the remaining 53.3 per cent interest from Carlyle Asia Partners as part of a strategy to boost industrial services division in Australia. Originally established in 1885 as a small Melbourne-based engineering company, Coates Hire is one of the most recognisable names in the equipment hire industry. It has more than 200 branches across Australia and provides a wide range of products including earthmoving and access equipment. A consortium comprised of Seven Group, Carlyle and other minority owners acquired…