National Plant & Equipment founder Mark Ackroyd said the deal would provide the company with immense growth potential.

“With Mitsui & Co. as a partner we have the potential to become the largest suppliers of rental equipment to the mining industry,” he said.

“Our new partnership could also see National Plant & Equipment expand its reach into Australia and potentially globally.”

As a mining investment company, Mitsui already has investments in coal, iron ore, copper and more, with the deal representing another step for the company to capitalise on Australia’s booming mining industry by securing a stake in the mining equipment industry.

“The share acquisition in National Plant & Equipment gave the company the opportunity to become an effective participant in the mining equipment rental business,” a representative for Mitsui said.

National Plant & Equipment, founded in 1997, has a fleet of about 200 machines, which include dozers, dump trucks and excavators.

“National Plant & Equipment has gone from strength to strength and we couldn’t be happier; it’s the dawn of big things to come,” Ackroyd said.

The exact figure of the deal has remained undisclosed.