Summit Capital Acquires Trethewey Granite & Marble
Summit Capital Acquires Trethewey Granite And Marble
Summit Capital Limited has purchased Trethewey Granite and Marble, a leading supplier of premium natural and engineered stone products for both commercial and domestic applications.
Summit Capital, which forms part of the Summit Financial Group, provides financial and executive capital to small and medium-sized business and provides private equity and mezzanine debt investment opportunities to a group of investors. Its portfolio of investments includes Certus Solutions, Radius Health Group, Perfectus, Infotrust Global and Lexicon Systems Limited.
Summit Capital chairman, Murray Davies, says Trethewey Granite and Marble presents an excellent opportunity for Summit Capital because of its strong brand, good reputation, high quality products, technical expertise and nationwide coverage.
“This is a prime example of a market-leading business which has seen consistent growth over the last 20 years and has the potential for significant future growth,” he says.
Trethewey Granite and Marble was formed in 1985 by Bruce Trethewey, whose family has an 80-year history of supplying dimensioned stone to the New Zealand market.
“Trethewey Granite and Marble helped pioneer a resurgence of interest in the use of granites and marbles. Some of the commercial and refurbishment contracts the company has secured include Auckland’s Aotea Centre, the National Bank Twin Towers, the PricewaterhouseCoopers centre, Sky City and the Beehive in Wellington,” he says.
Mr Davies says Trethewey Granite and Marble has over 60 employees, including fully qualified tradespeople, specialist machine operators, apprentices and highly trained stonemasons in its Auckland headquarters and branches in Wellington and Tauranga. There will be no redundancies as a result of the sale and business will continue as usual.
The new company will continue to be known as Trethewey Granite and Marble Ltd and will be headed in the interim by Shane Warbrick as CEO and Murray Davies as chairman of the board. Previous managing director Bruce Trethewey will support the new management team in areas such as supplier and commercial relationships, technical support and special projects.
“We are fortunate to have Bruce’s extensive knowledge and industry experience to help smooth the transition,” says Mr Davies.
He says Summit Capital’s first priorities will include developing the business to become more customer centric, further defining its key markets and developing strategies to support competitive advantage as well as developing and executing a strategy to support the ongoing growth of the business.