Rangatira Investments plans to increase its holding in research technology business Magritek as it deploys funds from the sale of its interest in smallgoods maker Hellers.
The Wellington-based investment company expects to buy Massey University’s stake in the company which makes benchtop nuclear magnetic resonance spectrometers for diagnostics, industrial analysis and research.
That will take its stake in the firm, founded by the late Paul Callaghan and now largely based in Germany, to about 25 percent from 18 percent, Rangatira shareholders heard today. The firm initially paid $4 million for a stake in 2013.
“It’s only a modest investment in terms of Rangatira but we think there’s some growth there,” chief executive Mark Dossor said.