Excell Team Take Minority Stake In Business

10 May 2006

Excell Team Take Minority Stake In Business

Cullen Investments today announced the sale of a 10% shareholding in Excell Corporation to Excell Executive Chairman Richard Lauder, Chief Operating Officer Tony Fisher and Director Les Archer.

The sale follows the implementation of a new strategic leadership structure for Excell, under the guidance of Richard Lauder who joined Excell in October last year. The appointment of Tony Fisher as COO last month completed the structure. Other recent key appointments included Tony Darby as Chief Information Officer and Michael Brooks as Director of Business Development.

Liz Style, Cullen Investments Chief Operating Officer, says the minority deal is part of Cullen's ongoing commitment to the growth of the Excell business, with the new minority shareholder team committed to maximising the company's potential.

Richard Lauder says Excell has undergone a period of consolidation in order to build a solid base for the future.

"The company delivered a strong trading result last year and is now well positioned to grow in a number of infrastructure sectors and capitalise on development opportunities. We also have a highly experienced management team in place to deliver on our growth strategies," he says.

"Our acquisition of a minority shareholding indicates our confidence in the company and our personal commitment to its success."

Tony Fisher says the company itself has the right internal infrastructure in place to take it to the next level. "I have been particularly impressed with the quality and commitment of the staff. Similarly, the systems that I see in use are outstanding."

Excell Corporation is one of New Zealand's major suppliers of infrastructure maintenance solutions, specialising in maintenance and construction in the water and wastewater, grounds, roading and building sectors. It employs more than 800 people across its key business units and works for both public and private clients.

ENDS

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