Stewart family’s Masthead sells 10.2% holding in Ebos

Stewart family’s Masthead sells 10.2% holding in Ebos

March 26 (BusinessDesk) – Masthead, the investment vehicle of the Stewart family of Christchurch, sold its 10.2 percent of medical and pet supplies company Ebos Group for about $37.2 million.

The private, off-market placement was through brokerage First NZ Capital, according to a statement from Masthead. It sold 5.3 million shares at $7 apiece. The shares last traded on the NZX at $7.30.

The statements didn’t identify the buyers, saying only that it was to “various purchasers”.

Settlement of the transaction will be on March 29, at which time Masthead’s Mark Stewart will resign from the board, it said.

In December, Ebos agreed to buy Masterpet Group for $105 million plus debt, expanding into animal health- products and pet food.

The deal was the largest ever for Ebos. Buying Wellington-based Masterpet will give it a suite of brands including Procter & Gamble pet care, Eukanuba and IAMS pet food, and the Vitapet grocery brand.

(BusinessDesk)

© Scoop Media