Hellaby – Equipment Sale Unconditional

Hellaby – Equipment Sale Unconditional

NEWS RELEASE: 23 September 2016

Hellaby Holdings Limited (NZX: HBY) advises that the sale of its Equipment Group to Maui Capital’s Aqua Fund for $81 million, is now unconditional.
Settlement is scheduled to occur on 30 September 2016.

Hellaby has identified Automotive and Resource Services as its core business Groups, and in the past six months, has announced the acquisition of Premier Auto Trade (PAT) in Australia for the Automotive Group; and TBS Group in New Zealand as part of the Resource Services Group.

Footwear remains non-core and is currently being restructured, with profitability expected to improve over time.

Hellaby CEO, Alan Clarke, said: “We now have a clear focus on our two core business Groups, where we have identified a number of opportunities to add scale through both organic expansion and acquisition.

“The majority of the proceeds from the sale of the Equipment Group will effectively fund the acquisition of the TBS Group, and we have several other investments that we are actively considering.

“We are committed to delivering an improved performance through the successful execution of our strategic priorities and our committed long term focus on our core Groups.”

ENDS

© Scoop Media