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  • Australasia

Equity Partners buys majority stake in New Zealand’s AHM

  • Andrew Woodman
  • 19 December 2012
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Equity Partners has acquired a stake of around 70% in New Zealand camping and gardening product distributor Amalgamated Hardware Merchants (AHM).

According to the Wall Street Journal, the investment came from Equity Partners Fund No. 3. The deal value was not disclosed. AHM chief executive Wayne van Diepen, and the founding Christie family, will hold the remainder of the company.

AHM owns proprietary brands including gardening specialist McGregor's, campingspecialist Campmaster and digging tool provider Atlas. The company supplies retail networks including Super Retail Group's camping and fishing group BCF, camping store Anaconda, Woolworths- owned Big W and Master Homes Improvement.

"We were attracted to AHM's portfolio of leading brands in New Zealand and its strong growth opportunities in Australia, where it has established an office in Brisbane and already sells to a number of the biggest players," said Rajeev Dhawan, a partner with Equity Partners. "Equity Partners intends to increase the group's overall penetration across both existing and new customers."

Equity Partners was advised by PricewaterhouseCoopers, Minter Ellisontts and BDO while Bancorp New Zealand and Simpson Grierson advised the Christie family. Debt funding for the transaction was provided by New Zealand's ASB Bank, a sudsidiary of the Commonwealth Bank of Australia.

Equity Partners Fund No. 3, focuses on growth-oriented businesses with between A$4-20 million in EBITDA. The fund had its final close in June 2008 at $76 million.

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