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

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news