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

 


Ngai Tahu, Tainui, Pioneer Capital buy Waikato Milking

Ngai Tahu, Tainui, Pioneer Capital buy Waikato Milking Systems for undisclosed sum

Feb. 27 (BusinessDesk) - Commercial iwi heavyweights Tainui Group Holdings and Ngai Tahu Capital have teamed up with private investor Pioneer Capital to buy dairy technology manufacturer Waikato Milking Systems for an undisclosed sum.

The three parties will hold a third of equity in the partnership with senior management to take a minority stake in a deal expected to settle on March 31, they said in a statement. They bought the stake after Waikato Milking Systems shareholder UPC Capital engaged PwC to run a sale process last year attracting local and international interest. No price was disclosed.

“We’ve had a great run so far and our new investment partners provide us with an excellent platform for our next chapter of growth,” Waikato Milking Systems chief executive Dean Bell said. “They have a deep understanding of our industry, significant investment capability and experience with New Zealand exporters, all of which we’ll be sure to leverage.”

Ngai Tahu has been looking to increase its exposure to the dairy sector in recent years, while Tainui last year indicated plans to take direct stakes in medium to large private businesses as part of a new investment strategy.

Last year, Pioneer Capital was allocated $40 million from the New Zealand Superannuation Fund as part of a $150 million venture capital fund to finance fast-growing small to medium-sized businesses with global potential. Pioneer also has stakes in software company SLI Systems, boutique brewer Moa beer, and health system software developer Orion Health.

Waikato Milking Systems designs, manufactures and supplies products including rotary systems to make milking more productive, herringbone systems to enable easier access for milking, and other components for dairy farmers.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news