Media Release
14th November 2016
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GPE invests in NZ’s innovative agri-tech business TracMap
Genesis Private Equity is pleased to announce its investment in the innovative agri-tech company, TracMap Holdings Ltd.
A special purpose entity established by Genesis Private Equity (GPE TMH Limited Partnership) will hold a 25% stake in
Dunedin based TracMap alongside existing shareholders. John Rolleston and Garry Haskett will join the TracMap board as
GPE appointees.
About TracMap
TracMap began using GPS technology to provide farmer/contractor clients with proof of placement for fertiliser/sprays in
the agricultural industry as well as a comprehensive job management solution which provides wide functionality for
farmers, contractors and growers.
It has since expanded its product application to both large and smaller-scale horticulture and viticulture operations in
NZ, Australia and the United States, not just for measuring and recording applications, but for harvesting, remote
tasking and messaging.
TracMap provides users with productivity and efficiency gains operating in a variety of markets, including farmers and
contractors working on New Zealand pastoral farms, through to large international companies growing grapes, nuts, fruits
and vegetables throughout the world.
TracMap’s on-line services, for recording and advising various farm applications on site specific maps, is growing
month-on-month, as users seek to ensure improved communication and maintain a record of what work has been done on their
pastures.
The technology is also installed in many fixed wing aircraft and helicopters for spraying, job dispatching and other
applications in NZ, Australia, United States and most recently South Africa.
Comments from TracMap and GPE
Kieran O’Hagan, Executive Director of Genesis Private Equity Limited, is enthusiastic about TracMap’s potential.
“The application of world-class technology to improve the efficiency and the sustainability of crop
production, in both large and smaller scale agriculture, is experiencing massive growth worldwide.”
“This is one area where New Zealand has some significant advantages over many other hi-technology hubs - given our own
pastoral background and our kiwi ingenuity combined with great technical ability”.
“In this sector, distance is not a disadvantage, and TracMap are able to service a global market from its Otago base.”
As a significant investor, GPE are excited about TracMap’s growth and achievements so far, however even more impressive
is the potential that this foundation has created.”
“GPE Directors’ international experience and networks will add real value to TracMap’s board and we’re looking forward
to partnering with TracMap in their global growth aspirations.”
“This in turn will assist ‘NZ Inc’ by growing export revenues.”
TracMap’s CEO David Glen is also excited about the transaction:
“We are pleased with our progress in Australia, and are excited to have Genesis on-board which enables us to invest in
the structures and personnel required to build upon our presence in both Australia and California. This new capital will
allow us to leverage off our market leading position in several sectors and to transform the business.” TracMap’s chief
executive David Glen says.
“In addition to their investment, the Genesis team, with its mix of agriculture and technology skills, experience, and
networks, will bring significant additional value to TracMap.”
About Genesis Private Equity
GPE was formed in 2015 by two former bankers, Kieran O’Hagan and Nathan Mills together with 5 other shareholders.
Together, the GPE Team has wide ranging skill-sets and business experience to draw from including:
Manufacturing
Biotechnology
International trade
‘Software as a service’ and other technology based fields
Fast moving consumer goods
Commercial & Investment banking
Accountancy and Legal
The business is based in Ashburton with shareholders residing throughout Canterbury.
Through a Limited Partnership its first fund comprises $11.875m contributed by 28 wholesale investors from throughout
the country.
GPE is specifically interested in small to medium sized NZ based businesses, with enterprise values between $2-15m, that
have a need to finance any of the following requirements:
Succession planning/facilitation
Growth opportunities
Industry Consolidation
Private Placement
Recapitalisation
As well as the LP’s funds, GPE can source additional capital from the Limited Partners keen for greater stakes in
specific business opportunities, and from other investment entities who are keen to partner with us in opportunities we
identify.
To date, most (81%) of the 80+ potential opportunities GPE has identified are based in the South Island which comes from
the substantial networks GPE has in this geography.
This probably also highlights the fact that GPE is the only South Island based private equity firm which can accept
investment from wholesale investors.
TracMap is one of two initial investments being announced by GPE, with the other announcement to be made imminently.
ENDS