10 April 2006
AMP Pencarrow Cornerstone Shareholder in Leading Air Crew Leasing Specialist
Auckland-based Rishworth Aviation, one of the world's leading international aviation pilot, air crew and engineering
personnel leasing business, has a new ownership structure following the recent AMP Pencarrow-backed, management buyout
from founder, Peter Rishworth.
After 20 years of sustained international growth in the specialist aviation crew contracting market, Peter Rishworth is
looking forward to stepping back from the business as it moves to its next exciting stage of development. He will retain
a smaller shareholding and be a non-executive director.
Newly appointed Managing Director, Mark East, and Stockholm-based Europe-Africa Regional Director, Torkel Waak, together
with two other Auckland-based senior managers, have participated in the buyout, alongside the AMP Pencarrow Private
Equity Fund which has taken a cornerstone shareholding.
The $75 million AMP Pencarrow Private Equity Fund, launched last year and jointly managed by Pencarrow Private Equity
Limited and AMP Capital Investors (New Zealand) Limited, facilitated the buyout.
Mr East, formerly Managing Director of Hellmann Worldwide Logistics New Zealand, said he was excited to be participating
in his second buyout, having had a previous involvement in a successful Pencarrow/Greenstone Fund backed buyout company;
Eskimo Logistics.
"Peter Rishworth has built a highly regarded international business in the growing niche of professional aviation
personnel contracting, with more than 27 client airlines throughout Asia-Pacific, Europe and Africa," Mr East said. "It
is a privilege to lead the Rishworth Aviation team in a new phase of growth and development of the business
internationally."
Mr Rishworth said that under its new ownership and management, Rishworth Aviation was well positioned for the future.
He said he was pleased that he could retain some ongoing involvement and encourage ownership participation of his senior
management, which had been key factors in deciding to work with AMP Pencarrow to facilitate the buyout.
Pencarrow Private Equity Executive Director, Nigel Bingham said that Rishworth Aviation was an ideal investment for the
AMP Pencarrow Fund and expectations were high that the company would continue its strong track record of growth,
underpinned by increasing demand for pilots in Asia and from the low cost carriers in Europe.
"The Rishworth Aviation investment is consistent with the Fund's mandate of investing in strong growing businesses and
focusing on succession opportunities, MBOs and expansion capital transactions," Mr Bingham said.
AMP Pencarrow Fund has recently announced investments in cosmetics and fragrances distributor, CS Company, and lifting
solutions company, New Zealand Crane Hire.
ENDS