NZ Post hires Grant Samuel to help raise Localist expansion capital
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(BusinessDesk) New Zealand Post Group, which runs the state-owned postal service, has hired Grant Samuel & Associates to advise on finding an investment partner to assist with the expansion of its Localist deals and events website.
The amount to be raised is commercially sensitive, NZ Post external relations manager John Tulloch says. The process is expected to take three to four months.
Localist is a digital platform "that lets consumers discover and share the best things to taste, buy and do around where they live", a statement says. It was launched in early 2011 and has grown strongly in the Auckland market.
"Having tested and proven its digital subscription business model in Auckland, Localist is now seeking to expand its geographic footprint, and will be announcing an enhanced range of digital products to the market shortly.
NZ Post "is seeking to attract one or more shareholders to help accelerate the growth of this digital asset," it says.
In August, NZ Post reported a 38% jump in underlying earnings on record profit at its KiwiBank unit, while postal revenues continued their declining trend.
The postal service has been exploring ways to drive earnings growth against the slide in core letter delivery services.