Sharechat Logo

Pencarrow takes 38% stake in Icebreaker, appoints two directors

Friday 20th November 2015

Text too small?

Pencarrow Private Equity, whose past investments have included paper merchant BJ Ball and buggy maker Phil & Teds, has taken a 38 percent stake in merino wool clothing company Icebreaker.

The Wellington based private equity firm has taken the stake in Icebreaker via two holding companies, with Pencarrow executive director Rod Gethen and investment director Jonathan Goldstone joining the clothing maker's board, according to documents lodged with the Companies Office.

Pencarrow executive director Nigel Bingham said his firm had taken a stake through its Fund IV, but terms of the deal were confidential.

The private equity firm opened Fund IV in 2011, raising $124 million for six to nine investments over a five-year period. So far, its existing portfolio includes Bell Tea & Coffee Co, retirement village operator BeGroup, solar power firm SolarCity, 3D modelling company ARANZ Geo, and cloud hosting firm Umbrellar.

The shareholding puts Pencarrow on level footing with Icebreaker founder Jeremy Moon and his family interests, who collectively hold about 37 percent, while Warehouse founder Stephen Tindall's K1W1 investment firm owns about 9.5 percent of the stock. TradeMe founder Sam Morgan's Jasmine Investment Holdings has a 2.6 percent stake in Icebreaker.

Icebreaker more than doubled the number of shares on issue through a series of transactions including the Pencarrow investment, which has whittled down the Moon family's control from 75 percent, and introduced a new constitution

In July, Icebreaker's board approved the issue of new shares at $37.03 apiece as part of a long-term incentive scheme, according to Companies Office documents lodged last month.

Last year Icebreaker hired former Air New Zealand boss Rob Fyfe as chief executive, replacing Jeremy Moon who became executive chairman.  

Icebreaker wasn't immediately available for comment.

 

 

 

 

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report