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Fund buys Viking Pacific

Friday 13th December 2002

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US investment bank Goldman Sachs yesterday completed its exit from the Skellerup debacle as sharebroker JB Were bought Viking Pacific Holdings for an undisclosed sum.

Viking Pacific, the company formed to manage Skellerup Group's "good" assets following the group's near-collapse, comprises heritage brands Masport, Masport Foundries, Paykel, New Zealand Insulators, Pacific Wallcoverings, A&G Price and R H Freeman & Co.

Clark Perkins, chairman of JB Were's No. 1 Private Equity Fund, said the deal would give the fund immediate critical mass.

Viking earlier this year floated Skellmax Industries, comprising rubber goods maker Skellerup Industries and pumpmaker Flomax.

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