Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


AMP Henderson Private Capital

AMP Henderson Private Capital and Direct Capital Announce Sale of Robinson Industries

AMP Henderson Private Capital and Direct Capital have today accepted a conditional offer from Alesco Corporation Limited to buy Robinson Industries for $31 million. Final settlement is expected on April 30 2003.

Robinson Industries manufactures and distributes Robinhood rangehoods, supertubs, ironing centres and waste disposals. The business is to rename as Robinhood Limited as part of this transaction, in recognition of the strength of the Robinhood brand. Alesco Corporation is listed on the ASX and supplies branded building products, earthmoving tyres and automotive specialties to niche markets.

The offer reflects another successful private capital investment for investors and continues to strengthen the investment record for New Zealand private equity.

“The successful growth and sale of Robinson Industries is further evidence of the strong returns that are possible with private equity,” said Martin Turner, head of private capital for AMP Henderson.

“It also underlines the importance of quality private equity exposure for institutional investors at a time when listed markets are experiencing turbulence. ”

AMP Henderson is New Zealand’s largest private equity investment manager and continues to look for further opportunities in the local market.

Robinson Industries was sourced and managed by Direct Capital. Direct Capital offers institutional investors the opportunity to invest in all classes of private equity in New Zealand and Australia. The offer follows the rapid growth of both supertubs into the Australian market and ironing centres into the United States.

“Both of these initiatives took several years to develop to this point and required additional investment by the shareholders. Direct Capital and AMP Henderson were willing to commit the initial risk capital for these initiatives and Alesco will now be able to reap the ongoing growth opportunities,” said Steve Bootten, managing director of Robinson Industries.

The exiting shareholders of Robinson also includes AMP Henderson Global Investors, Australia. The sale results in an attractive rate of return for the institutional investors and supports the call from the New Zealand private equity industry for institutions and super funds to invest in the New Zealand private equity market.

Steve Bootten and all staff will continue with the Company in their existing roles.

Mark Hutton, director of Direct Capital commented that “Robinson Industries has been an excellent example of how management buyouts can lead to a successful transition for the founder and create shareholder value for all parties.”

“It also highlights the global potential of New Zealand-based niche manufacturers with a strong distribution skills.”

“Direct Capital has been involved with Robinson Industries, alongside the company’s founder, since the initial investment by listed fund Direct Capital Partners in May 1995,” he said.

“In 1999 Steve Bootten joined with Direct Capital and AMP Private Capital to complete a management buyout.”

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news