ASB Bank to Acquire the BBQ Factory
ASB Bank has announced that it will be purchasing a majority interest in the BBQ Factory.
The BBQ Factory was planned as the first acquisition by investment company StoreFund, which had proposed to raise equity and list on the New Zealand Exchange (NZX). The BBQ Factory is being unbundled from StoreFund with ASB Bank taking a majority interest in the BBQ Factory only.
The directors of StoreFund, in conjunction with management company North Head have announced that the StoreFund listing will not proceed. Subscriptions were not at a level directors anticipated, and this was the most responsible course of action for the protection of members of the public who subscribed for shares.
Following negotiations with the parties involved, ASB Bank, the lead manager and underwriter of the StoreFund offer, made the decision to acquire the BBQ Factory through a private transaction.
Peter Hall, Head of Institutional Banking, Treasury and ASB Securities, ASB Bank, explains:
“One of the key aspects of the StoreFund proposition was the strength of the BBQ Factory business. With the decision not to proceed with the IPO a private acquisition of the BBQ Factory by ASB Bank provided the most compelling solution.
“ASB Bank fully supports the
management of the BBQ Factory and their business plan. The
BBQ Factory is a great New Zealand success story and an
excellent business, and ASB Bank is very comfortable with