Resource Equipment (ASX:RQL) has completed acquisition of...

Resource Equipment (ASX:RQL) has completed acquisition of Campbell Mining Services, via issue of 133,317,678 RQL shares.

Campbell services major mining companies including BHP Billiton (ASX:BHP), Rio Tinto (ASX:RIO), and Vale.

Earlier this year, RQL issued shares totalling a 19.9% stake to Carsoti Investments.

The importance of the agreement for RQL is that Carosti shareholders comprise a number of parties with specialist equipment rental and water industry experience, providing the potential to build and further expand the business.

These shareholders include Stephen Donnelley, founder of leading equipment hire company National Hire, now part of the Coates Group, and Andrew Aitken, former Managing Director of National Hire and former non-executive director of Coates Hire.

Also amongst the consortium is a fund managed by M.H.Carnegie & Co, a leading alternative asset and private equity manager founded by prominent investor, Mark Carnegie.

RQL is capitalised at $53 million.