Royal Wolf to buy ContainerTech to expand in NZ

Royal Wolf Holdings, the ASX-listed container services firm that won an award for its initial public offering last year, has agreed to buy the container business of Auckland-based ContainerTech Group.

No price was disclosed for the transaction in Royal Wolf's statement to the ASX. ContainerTech has a fleet of about 500 hire containers and the acquisition will lift Royal Wolf's earnings immediately, it said.

Shares of Royal Wolf last traded on the ASX at A$2.11. The shares were issued at A$1.83 and began trading in May last year.

Its A$91 million share sale won an IPO of the Year award from FinanceAsia, selling at 14.1 times 2011 earnings, compared to a sector average of 11.4 times, according to the company's website.

BusinessDesk.co.nz

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