Equipment rental company Hirepool in New Zealand has sought clearance by the Commerce Commission to buy rival Hirequip out of receivership in a bid to get greater exposure to the heavy construction sector as the Christchurch rebuild starts hitting its stride.Australian private equity firm Next Capital owns three quarters of Hirepool, through Beach Finance.A sale and purchase price agreement has yet to be negotiated, though Hirepool's takeover would have to satisfy Hirequip's secured creditor, Westpac, which is owed NZ$118 million. Hirequip's unsecured creditors are also owed NZ$78 million, according to the receiver's first report.Lenders appointed receivers to Hirequip in the middle of this year.Hirepool says the deal would give it a "meaningful presence in the high value heavy and building segments." Its existing customers are largely small- and medium-sized construction businesses.The company pointed to the Christchurch earthquakes as a "catalyst for growth" that has led to new entrants coming into the market and an expansion by existing players.Hirequip's parent shareholding companies, Pacific Equipment Solutions, PES Finance and Hire Equipment Group, are the entities placed in receivership in July, which came just a month after director Rob Nichols was quoted as saying the company might seek a listing on the NZX as earnings recovered.BusinessDesk