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0 Pencarrow V Fund closes at hard cap of $250 million

Pencarrow Private Equity has just completed a first and final close on its latest fund, Pencarrow V, at the hard cap of $250 million. The fund closed significantly above its target of $200 million, and is more than double the size of its previous largest fund, Pencarrow IV.

Fund raising was completed in around eight weeks and demand was strong, with the fund significantly oversubscribed. Investors are predominantly New Zealand based, with support from leading New Zealand institutions, iwi, foundations and community trusts as well as private investors. The focus of the fund will be on investing in management buyouts, succession deals and expansion capital opportunities among privately held companies in the mid-market segment in New Zealand.

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0 My Food Bag founders prepare business to list on NZX

My Food Bag co-founders’ decision to step down from the day-to-day running of the business is a move towards taking the company public.

Husband-and-wife duo James and Cecilia Robinson announced on Monday they were leaving their positions as co-chief executives to focus on governance roles.

Robinson said the decision to list My Food Bag on the NZX was part of a three-year plan made in 2016, following an investment from Auckland-based Waterman Capital.

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0 Icebreaker sold for $288 mln to VF Corp

Kiwi merino wool clothing maker Icebreaker Holdings was sold to US apparel giant VF Corp for $288 million in a competitive tender process, Overseas Investment Office documents show.

North Carolina-based VF Corp withheld the price paid when it announced the deal was completed with OIO approval. The acquisition added Icebreaker to VF’s Smartwool brand, which the US firm said would position it as a global leader in merino wool and natural fibres.

The OIO granted consent for the deal on March 13, putting a $288 million price tag on the takeover. Icebreaker’s shareholders sought a tie-up with “an established international entity or group for global market access, logistics and management opportunities” to “fully realise Icebreaker’s growth potential” and picked VF as its preferred buyer after a competitive tender process, a summary of the decision said.

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0 Powerhouse trading halt pending capital raise announcement

ASX-listed incubator Powerhouse Ventures shares are in a trading halt pending plans to raise new capital, which the Christchurch-based firm says will cover operating costs and new investments.

The company sought the trading halt until it announces the outcome of the planned capital raise or the open of trading on April 13, it said in a statement. The shares last traded at 22 Australian cents, having slumped from the A$1.07 price they were sold at in an initial public offering in 2016.

“The reason for the trading halt is that the company intends to make an announcement regarding a capital raising to fund existing and new start-up ventures in Australia and New Zealand, working capital requirements, and operational expenses,” general counsel Rachel Triplow said.

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0 ASX-listed CropLogic to spend up to A$320k

Kiwi agritech company CropLogic will spend up to A$320,000 in cash and scrip to buy Tasmanian agri services firm Ag Logic to develop an Australian beachhead.

Christchurch-based CropLogic, which is listed on the ASX, has signed a conditional share sale agreement to buy the Tasmanian firm, which would see it pay A$160,000 in cash and $160,000 in shares. Half of the acquisition price would be at the time of settlement, and two further payments depending on meeting earnings targets, CropLogic said in a statement. The deal values Ag Logic at 1x revenue and would employ Ag Logic’s Reuben Wells on a base salary of A$100,000 a year with incentives of up to A$60,000.

“The CropLogic board sees this as a very strategic acquisition in the Australian marketplace and one that will provide us with significant growth opportunities as we build towards commercial outcomes in the Australian market,” managing director Jamie Cairns said. “While we continue to look at other acquisition and commercial opportunities, I can see the potential for this acquisition to punch well above its weight and it has been prioritised accordingly.”

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