Caniwi gets Stowers from Aquiline
Wellington private investment firm Caniwi Capital has picked up one of three businesses that remained to be sold from the former 15-strong stable of businesses owned by failed Hawke's Bay investment firm Aquiline Holdings.
The purchase of Stowers Containment Solutions, for an undisclosed sum, follows the appointment of receiver KordaMentha in September to what remained of the Aquiline portfolio, which was built up by long-retired former Air New Zealand chief exectuive Jim Scott over the last decade.
Aquiline's largest asset was the Samsung and Kenwood technology and electronics distributor Radiola Corp, which accounted for 65 per cent of revenue when the group was still trading intact.
Aquiline was a regular target of regulator attention over capital raisings in the early 2000s.
In later years it also attracted shareholder ire, particularly as they lost faith in its practice of establishing its own share price rather than listing on the NZX.
Stowers is a 35-year-old business with more than 2700 customers and locations in Auckland, Wellington, Christchurch and Hamilton.
It sells wholesale and retail "containment solutions", such as waste disposal bins, plastic buckets, containers and pallets and had a turnover in the region of $10 million.
"Stowers' 30 staff have all accepted positions with the new owner and no significant changes are being planned to the business," said Caniwi Capital's executive chairman Troy Bowker.
"From a customer and staff view point, there will be no change to the business. We are long-term holders of good quality assets and our investment decision with Stowers is predicated on the company continuing to operate as it has done under its previous owners."
Stowers continued to trade profitably throughout Aquiline's ownership period and receivership, Mr Bowker said.
It is the third purchase Caniwi Capital has made out of 150 New Zealand small to medium-sized buys this year. The other two were Kaycote Laminations and New Zealand Electronic Shelf Labelling.
Caniwi Capital also owns a $30m commercial property portfolio, built up since the company's inception in 2008.