Sharechat Logo

Rangatira-controlled Hellers hires Cameron Partners to review business

Friday 18th May 2018

Text too small?

Rangatira Investments-controlled Hellers has hired investment bank Cameron Partners to review its business, amid reports New Zealand's biggest producer of bacon, ham and smallgoods is for sale. 

The Christchurch-based company said in a statement it's considering options for the future direction of the business and has hired the investment bank to help review its business. The statement came after the Australian Financial Review's Street Talk column reported Cameron Partners was gauging interest in a two-stage auction of the meat producer, naming JBS Australia and Affinity Equity Partners as potential bidders. The AFR reported Hellers generates annual earnings of $20 million.  

"As part of this review Hellers has commenced a review of its capital and ownership structure and has appointed independent professional advisors including Cameron Partners to assist with this process," the company said. "No decisions have been made and it remains business as usual at Hellers. We will not make any further comment until the review is complete."

Wellington investment firm Rangatira increased its stake in Hellers to 63 percent from 50 percent in late 2015, paying $9.5 million for the extra shares, and valuing the investment at $52.2 million at the time.

In the June 2017 year, Rangatira recognised a $36.3 million revaluation gain on the Hellers stake after the meat company acquired Gramart Foods. The investment firm didn't split out the value of its Hellers take in the 2017 annual report, although it recognised the value of the meat firm's goodwill at $27.7 million as at June 30. 

(BusinessDesk)

  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:

MARKET CLOSE: NZ shares rise as optimism over US-China trade deal lingers; Fletcher gains
NZD under pressure against Aussie as investors cheered by easing of trade jitters
PFI properties’ valuation rises 5.5% to $1.32 billion
Broader definition of workplace harm in new govt health & safety strategy
MBIE officials grilled on terms of Westland Milk loan
Trade Me suitor Hellman & Friedman drops out
Hydrogen not a short-term option for Huntly - Genesis
Kiwibank says customers have a dwindling need of physical branches
Buying off the plans driving down KiwiBuild cost to govt: HYEFU
Fiscal policy to slow growth over next five years, despite surpluses

IRG See IRG research reports