Default KiwiSaver and Investment Fund manager Simplicity today announced that its Private Equity Fund has acquired 35.9% of the Invercargill based Stabicraft Marine.
The acquisition is the seventh for the Private Equity Fund, which invests in successful privately-owned New Zealand businesses.
Established in 1987, Southland-based Stabicraft has grown significantly to become a household name in New Zealand, renowned for its high-quality fishing and adventure boats.
Stabicraft founder, Paul Adams, remains the major shareholder and director. “We’re excited to have a New Zealand owned private equity shareholder like Simplicity onboard to continue the Stabicraft legacy,” he said. “We’re really looking forward to building on our success.”
Sam Stubbs, Managing Director of Simplicity said “We’re delighted to make this investment, which is focused on generating long-term returns for our members, while providing equity capital to help Stabicraft expand internationally.”
“Like Simplicity, the people of Stabicraft live and breathe their brand, which has clearly translated into its success over the years,” he said.
“It’s wonderful to be investing in an iconic South Island company,” he added.
Following the challenges of the COVID-19 pandemic, Stabicraft is now looking forward to growing its global footprint.
Stabicraft’s CEO, Aaron Greene stated, “We have long established relationships within our growing dealer network, a solid supply chain and most importantly, passionate staff dedicated to producing innovative designs for our loyal customers.”
