Ceres’s local unit interested in buying Mainzeal

Friday, 8 February 2013, 6:23 pm
Article: BusinessDesk

Ceres Environmental’s local unit interested in buying Mainzeal from receivers

Feb. 8 (BusinessDesk) – CeresNZ, the Christchurch-based unit of American firm Ceres Environmental Services, says it has a “strong interest” in buying Mainzeal Property and Construction from the receivers.

CeresNZ plans to have preliminary talks with the receivers, betting that the rebuild of Christchurch provides a role for the “highly skilled people within Mainzeal,” according to a statement posted on the Scoop website.

Mainzeal, part of Richard Yan’s Richina group, was placed in receivership this week after failing to make payments on its credit facilities, having become embroiled in lawsuits related to the leaky buildings saga.

“Strategically, CeresNZ sees this as an extremely positive opportunity for growing the business,” said company spokesman Bernie de Vere. Financing for its local projects has been provided by US private equity firm Vesta Equity, owned by David McIntyre.

CeresNZ has been involved in demolition and rebuilding in Christchurch. The parent company was involved in the clean-up after Hurricane Katrina and the earthquake in Haiti, according to its website.

(BusinessDesk)

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