Tech Pacific changes hands
- 15 June, 2003 22:00
The country’s largest IT products distributor, Tech Pacific, has changed hands.
The company’s Dutch owner, Hagemeyer, has sold a 58.5% stake to investment company CVC. Hagemeyer is holding on to 31.5% while the remaining 10% has been sold to Tech Pacific management.
New Zealand managing director Tony Butler says CVC expressed interest when Tech Pacific was put up for sale in late 2000. But an agreement couldn’t be reached, and Tech Pacific was eventually withdrawn from the market.
The sale agreement, signed late last week, values Tech Pacific, which has operations in seven countries, at $A345 million. Its New Zealand turnover last year was $417 million.
“I think they’ve got a good buy,” says Butler; “that’s why I was keen to buy into it.”
Butler says it’s “business as usual” at Tech Pacific New Zealand for now, but that new ownership might open the way for the company to expand by acquisition.