North Harbour Rental Group (NHR Group) has been swept up by three new owners, including the former chief executive of Ritchies Transport, in a bid to scale up the transport company’s services.
Andrew Ritchie, the former chief executive and key shareholder of tour and school bus operator Ritchies Transport, is the majority investor and new chair of NHR Group.
Phil Arras, the current chief executive of NHR Group, and investor Tim Cantlon have also joined Ritchie as the two other new owners as part of a strategy to expand the current business.
“Phil, Tim and I are delighted to be the new owners of North Harbour Rental Group,” Ritchie said in a statement.
“We acknowledge the success of the previous owners to build the business as a recognised national brand."
NHR Group has been running since 1999 after Auckland’s North Harbour Rentals and Christchurch’s O’Neill Rentals joined forces to provide a national service.
Ritchie said the three investors brought extensive transport industry experience and continuity to the current business and their plans had “exciting potential”.
“We will look to add scale to North Harbour Rentals Group’s nationwide service, especially in the expansion of our fleet-leasing operations and freight forwarding part of the business where we see significant upside to grow market share,” Ritchie said.
Ritchies Transport was sold to US alternative-asset firm Kohlberg Kravis Roberts (KKR) in 2021. The tour and school bus operating business was founded in Temuka in 1935 and was family-owned before it was sold to KKR.
