New Zealand's Rangatira takes 12% stake in Magritek
New Zealand PE firm Rangatira has acquired a 12% stake in Magritek, which manufactures nuclear magnetic resonance (NMR) and magnetic resonance imaging (MRI) devices, for an undisclosed sum. It has the option of increasing its holding to 18% in a year.
The capital injection will strengthen Magritek's balance sheet and enable the company to increase its overseas sales and marketing efforts following its recent product launch, according to a statement. Sophie Haslem, a director at Rangatira, will join the Magritek Board.
Rangatira CEO Ian Frame said the New Zealand-based company's technology was underpinned and protected by world-class intellectual property. "It's well managed, and has a track record of being able to commercialise complicated technology, making it easier and more accessible to its customers," he added.
Magritek provides NMR and MRI solutions and applications for chemical, oil and gas, food and construction industries as well as systems suitable for research laboratories and academic education. Its main markets are currently in Europe and the US, each accounting for 40% of revenues. However, it is forecasting significant growth in Asia, particularly China and India.
Founded in 1937, Rangatira oversees about $200 million assets. It is 51%-owned by J.R. McKenzie Trust with other community and charitable organizations owning another 15%. The balance of the shares is held by private investors.
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