Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Sale of PGG Wrightson Finance completed

31 August 2011

Sale of PGG Wrightson Finance completed

PGG Wrightson Limited is pleased to announce that all conditions required for the sale of PGG Wrightson Finance (PWF) have been confirmed and settlement of the sale to Heartland New Zealand (Heartland) has been completed.

The purchase price paid to PGG Wrightson for the shares in PWF was approximately $99.5m being an amount equal to the adjusted net tangible assets of PWF.

PGG Wrightson has entered into a distribution agreement whereby Heartland will offer financial products and services to PGG Wrightson’s agri-clients. PGG Wrightson will in turn make referrals to Heartland from its network of farmer clients.

George Gould, Managing Director of PGG Wrightson, said the completion of the deal was an important milestone and marks the start of a significant new business relationship between PGG Wrightson and Heartland. “Both companies are passionate supporters of the agriculture sector, and together we represent a compelling client service proposition.”

Mr Gould said that PGG Wrightson was delighted to be able to offer its customers a range of financing options through the distribution arrangements entered into with Heartland. “Further, PGG Wrightson’s new shareholding in Heartland supported the company’s commitment to the partnership, with the ultimate aim of providing enhanced lending support and investment products for our clients.”

Outgoing CEO for PWF Mark Darrow said that he was pleased to see the company given the opportunity to realise its true potential under Heartland ownership. “The potential for a well-funded finance business in the agri-sector is substantial, especially when partnered with a brand as strong as PGG Wrightson. Heartland has acquired a great business with a great team, and has an amazing opportunity to grow it further.”

ENDS

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.