Pencarrow Private Equity, whose past investments have included paper merchant BJ Ball and buggy maker Phil & Teds, has taken a 38 percent stake in merino wool clothing company Icebreaker.
The Wellington-based private equity firm has taken the stake in Icebreaker via two holding companies, with Pencarrow executive director Rod Gethen and investment director Jonathan Goldstone joining the clothing maker’s board, according to documents lodged with the Companies Office.
Direct Capital today announced that it had completed the sale of its shareholding in Transaction Services Group (TSG), a New Zealand based global payment provider. US based Calera Capital will acquire Direct Capital’s shares in the business with TSG Chairman Murray Bolton and TSG management also re-investing in the company.
TSG is an international direct debit billing service business comprising Debitsuccess in New Zealand and the United States, Debitsuccess and FFA PaySmart in Australia, DFC and Harlands Group in the United Kingdom, and Harlands also in the European Union. With a New Zealand-based head office, the company specialises in the actioning of recurring payment solutions for a variety of industries.
New Zealand’s fastest growing 50 companies were revealed at the third annual Deloitte Festival of Fast Growth. (Congratulations, Wellington craft brewery phenom, Garage Project!)
But what about former winners? How have they capitalised on their rapid early evolution, and what does that say about Kiwi enterprise in general? Are they still going strong? Or have they gone under? Or been sold? Is fast growth an indicator of sustained success? Or do companies that live fast, die young? And what does that say about Kiwi entrepreneurial culture?
Sector now third-largest exporter behind dairy and tourism with $6.5b and growing fast.
Technology, New Zealand’s third-largest export behind dairy and tourism has had record growth this year.
Managing director of Technology Investment Network Greg Shanahan says although it is not about to overtake dairy just yet, it is a case of “watch this space”.
The 11th annual TIN100 report produced by Technology Investment Network (TIN) was released last night at a cocktail event at the ASB Cube on Auckland’s North Wharf with several hundred guests including Minister for Economic Development Steven Joyce.