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Horizon Energy acquires 3 businesses for $5.25 million

Thursday 9th August 2012

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Horizon Energy Distribution, which distributes electricity in the eastern Bay of Plenty, has purchased contract heating, ventilation and air-conditioning businesses Hastie New Zealand , Aquaheat Industries and Professional Building Services for $5.25 million.

Tauranga-based Horizon will take control of the assets from Sept 1. The newly acquired businesses will continue to be operated from their current premises led by Aquaheat chief executive Paul De Bernardo. All of the businesses will be integrated and rebranded as Aquaheat New Zealand.

"Horizon Energy views this acquisition as an execution of our growth strategies in non-regulated operations that allow us to build a nationwide group of contracting businesses operating out of the major growth centres in New Zealand," Rob Tait, chairman at Horizon, said in a statement.

The expanded group, led by Horizon chief executive Ajay Anand, will employ 300 people and have turnover of about $100 million.

The purchase will be funded through new bank debt.

Shares in Horizon last traded at $3.40.

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