New Zealand firm phil&teds has purchased defunct children’s buggy manufacturer Mountain Buggy.
Parent company Tritec Manufacturing -which makes the buggy - and Mountain Buggy New Zealand went into receivership at the end of January with an estimated debt of $22 million.
No details on how much the company was bought for have been released.
Receivers PricewaterhouseCooper have sold the business as a going concern.
Phil&teds chief executive Campbell Gower says: “We’re incredibly excited about adding value and building the business even further.”
“phil&teds will run the Mountain Buggy factory in New Zealand before making any decisions. The key is to be internationally competitive.”
“Basically it will be business as usual to ensure that we maintain market confidence in the high quality Mountain Buggy brand and product,” he adds.
Mountain Buggy has 89 staff and a factory out in Lower Hutt, which will continue to operate in the short term.
Mr Gower adds that phil&teds feels they have a lot to learn from Mountain Buggy as a company and by buying the company have gained some very talented people.
This is the second purchase made by phil&teds recently – the company has also bought New Zealand’s leading roof rack and automotive accessory business Hubco.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- LinkedIn too slow, too vague after hackers put logons up for sale – and you could still be at risk
- Briefcase: Litigation funders and the 23-year-old class action lawyer, the lawyer who embraces social media
- It's official – investors propel Auckland's rampant housing market
- Political week: Political groundwork rather than 'whizz bangs' the hallmark of Budget 2016
- Budget 2016: Landbankers choking Auckland's housing supply
Most listened to
- Budgets are not branches of the entertainment industry says NBR's Rob Hosking
- “In those big markets we’re more of a disrupter” – Don Braid on Mainfreight’s global growth path
- In Editor’s Insight, Nevil Gibson finds some nasty budget surprises in the tax area
- Westland milk boss and Fonterra’s chairman are both picking a turnaround in the milk market next season
- Grant Thornton partner Greg Thompson says the walls of secrecy in the tax system are starting to erode