We work alongside business owners and their management to develop transaction strategies to originate and execute value adding mergers, acquisitions or divestments.
Divestment of Transform Minerals to Palmer Resources - March 2015
Transform Minerals Limited was a privately owned mineral company which had the proprietary right to extract bentonite from an area near Coalgate on the east coast of New Zealand's South Island, approximately 60km west of Christchurch. The Company was placed in receivership in 2014 and a sale process was managed by the receivers which at the time did not deliver successful buyer. Ocean Partners was appointed in late 2014to manage a subsequent more targeted process which resulted in a successful transaction being completed with Dunedin based, Palmer Resources.
Christchurch Yarns NZ Limited Sale to NZ Yarn Limited
Christchurch Yarns is a local manufacturer of high quality woollen spun yarns for the global carpet industry. Following a period of tough post earthquake trading, the company was placed in receivership. Ocean Partners was appointed by receiver to manage a sale process for the business. As the last independently owned spinner in the southern hemisphere for the carpet industry, Christchurch Yarns was identified by a group of farmers as an asset which must be retained in farmer ownership to preserve competition and ensure a channel to market for woollen yarn. NZ Yarn was established, contracted to acquire Christchurch Yarns and then initiated a capital raise from New Zealand farmers and industry investors to fund the acquisition which was also managed by Ocean Partners. The capital raise and acquisition transaction closed in Q4 2014.
Kennards Hire acquires City Hire – 25 August 2014
City Hire was a well-established hire business with three Christchurch branches. The business had been owned and operated by two local families for over 25 years. The owners wanted a 'discrete' process which would protect the value of the business in the event that a transaction was not concluded. Ocean Partners worked with City Hire to identify potential parties who had capacity and a likely strategic desire to acquire the business. Ocean Partners approached a small group of qualified potential purchasers and invited them into a competitive bid process. Kennard’s Hire, a large Australian family business was the successful party and has successfully integrated the City Hire business into its Australasian branch network.
Christchurch Star Company acquires APN’s South Island assets – 22 April 2013
Ocean Partners were initially retained to facilitate a strategic planning exercise with Mainland Press (now Christchurch Star Company), who at the time were operating in a very difficult trading environment following the Christchurch earthquakes. The marketplace was fiercely competitive with three major publications (Press, Star and Mainland Press) fighting for a reduced level of advertising spend. Working closely with the board, Ocean Partners identified the opportunity to acquire one of their competitors - The Christchurch Star Company. This strategy was successfully implemented over a 9 month period which culminated in the purchase of APN’s South Island assets by Mainland Press and the successful implementation of this masthead to its business.
Oxford Health Group and Genea Joint Venture – 1 July 2012
Oxford Health Group is specialist woman’s healthcare provider operating in the South Island. Oxford Health Group had a desire to grow their operations into the IVF and fertility services space. Ocean Partners assisted in the identification of potential joint venture partners (local and international) and the negotiation of a joint venture agreement with the preferred party Genea – world leaders in fertility.
Net24 group divestment to Voyager Internet – 9 May 2012
Net24 was a well-established and trusted provider of internet hosting services to the New Zealand market. Net 24 had developed multiple brands including 1st Domains, RegisterDirect and Expired Domains. Net24 was owned by two brothers, who initially started the business in their family home, and who successfully grew the business during the previous decade to a scale operation with over 25,000 customers.
Ocean Partners and the business owners identified that a likely purchaser would be a company operating in the internet hosting sector. An approach was made a small number of Net24’s competitors who were considered to have the financial capacity to transact and these parties were invited to enter a competitive sale process. There was strong interest from parties seeking to increase the scale of their businesses and secure synergies in absorbing a competitor. Voyager Internet Group, owned by Seeby Woodhouse was the successful acquirer.