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Tuatara Gains Cornerstone Shareholder - Rangatira Limited


News release
Embargoed until Wednesday, 19 June 2013

Tuatara Gains Cornerstone Shareholder - Rangatira Limited

Tuatara Brewing Company Limited (Tuatara) today announced that it has sold a 35% stake in the company to Wellington investment company Rangatira Limited for a non-disclosed sum.
The transaction which was completed yesterday will strengthen Tuatara’s balance sheet, provide the funding to expand the capacity of their new brewery on the Kapiti Coast and lift production to meet growing demand. Some of Rangatira’s investment will enable the founding shareholders, Sean Murrie and Carl Vasta to sell down some of their interests.

Sean Murrie, co-owner and general manager of Tuatara said, “Having an institutional investor as a cornerstone investor will enable us to expand to satisfy a growing demand for our craft beer.

“Rangatira is a wholly New Zealand owned investment company that supports New Zealand businesses to enable them to reach their full potential – they’re an ideal partner for Tuatara. They will help provide the means for Tuatara to realise its vision to be New Zealand’s best craft beer company and make our beer more accessible to all New Zealanders, and to the growing number of Tuatara fans overseas.”

Established in December 2010, Tuatara currently produces over a million litres of beer each year which puts it in the top three of New Zealand’s craft breweries. The company currently exports to Australia, Singapore, China, the United States and Europe.

The award-winning brewing company has won the Deloitte fast 50 award for being the fastest growing manufacturer in the lower North Island in 2010, 2011 and 2012. Its new Paraparaumu brewery was opened late last year by the Prime Minister and currently has the capacity to produce at least two million litres a year with further potential to double production to around four million litres.

Amongst other products, the Tuatara range comprises Helles (lager), Hefe, Pilsner, India Pale Ale, Porter, exotic APA (American Pale Ale) and Trippel.

Rangatira chief executive Ian Frame said, “Tuatara ticked all the boxes for Rangatira; they’re a growth company in a growth sector, they’ve built a strong brand and market position, have a good management team and, most importantly, a top quality product range.

“We are very comfortable investing in New Zealand’s food and beverage sector, particularly in products that are naturally New Zealand. We see our role in terms of helping sustain the company’s ongoing growth through providing the capital required together with some strategic and governance assistance. Rangatira will appoint two directors to the Tuatara board.

“We see the potential for Tuatara to emulate the success of Hellers - New Zealand’s largest bacon, ham and smallgoods company. When we took at 50% stake in Hellers in 2003, it was well-known in the South Island and wanted to expand its presence nationwide. Since that time it has grown production threefold and developed its brand to become the market leader in its sector. Tuatara has the ingredients to become not only this country’s leading craft brewery but to impose its presence internationally. So it’s cheers to that,” Ian Frame said.

ENDS

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