The receivers for South Canterbury Finance have appointed a leading investment bank as sale advisor for specific investment assets.
Kerryn Downey and William Black of McGrathNicol, said Goldman Sachs & Partners New Zealand Limited will assist in
The receivers for South Canterbury Finance have appointed a leading investment bank as sale advisor for specific investment assets.
Kerryn Downey and William Black of McGrathNicol, said Goldman Sachs & Partners New Zealand Limited will assist in selling 100% of Helicopters (NZ) and a majority shareholding in apple exporter Scales Corporation.
Both companies are separate from the core finance business of the SCF Group.
Goldman Sachs & Partners is the New Zealand-owned local branch of the global investment bank.
Scales business operations include Mr Apple, the largest grower, packer and exporter of apples in New Zealand; Coldstore ownership, providing services to leading primary producers; and Shipping Agents, offering shipping and cargo services.
Helicopters NZ is a leading provider of helicopter services and operates in New Zealand, Australia, South East Asia and Antarctica. THe company owns 43 helicopters.
Both Scales Corp and Helicopters NZ were tipped into South Canterbury in March this year as owner Allan Hubbard tried to boost the finance company’s equity levels.
When South Canterbury acquired Helicopters NZ the total consideration was $90.25 million, consisting of $10 million cash and 167,187,500 new South Canterbury shares issued to Mr Hubbard’s Southbury Corporation.
There are also $20 million worth of redeemable preference shares on issue to South Canterbury subsidiary Hornchurch Limited.
Mr Downey told NBR the preference shares were shortly to be converted into ordinary equity.
Scales Corporation was acquired in a similar deal to Helicopters worth $72.25 million.
