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- Release Date: 01/10/13 11:30
- Summary: ASSET: HBY: Hellaby Holdings acquires Federal Batteries in Australia
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HBY
01/10/2013 08:30
ASSET
REL: 0830 HRS Hellaby Holdings Limited
ASSET: HBY: Hellaby Holdings acquires Federal Batteries in Australia
HELLABY HOLDINGS LIMITED -NZX / MEDIA RELEASE: 30 September 2013
Hellaby acquires Federal Batteries in Australia
Investment company Hellaby Holdings Limited (Hellaby) today announced that it
has acquired the wholesale automotive and special purpose battery company
Ryde Batteries Pty Limited, trading as Federal Batteries. Federal Batteries
is based in Sydney and distributes nationally in Australia.
Hellaby Managing Director John Williamson said he was delighted with the
acquisition, which the company viewed as a strategic bolt-on to its
Automotive division. "There are strong synergies between Federal Batteries
and our New Zealand battery distributor, HCB Technologies, and this purchase
significantly strengthens our position in the trans-Tasman battery market."
Mr Williamson said that Hellaby and the vendors of Federal Batteries had been
in discussion for many months. "We identified Federal some time ago as a
well-managed company that would add value to our automotive parts portfolio.
It is expected to increase Hellaby's EBITDA by around NZ$3 million
annualised."
The acquisition has been made at an enterprise value (debt plus equity) of
around A$12 million. Hellaby will use its existing group debt facilities and
expects the acquisition to positively impact earnings per share for this
financial year.
The acquisition is unconditional and settlement occurred on 30 September
2013. Mr Williamson confirmed that the vendors, who founded the business,
will remain in the business in senior management positions.
ENDS
For further information please contact:
John Williamson
Chief Executive Officer
Hellaby Holdings Limited
Phone: +64 9 307 6844
Mobile: +64 21 271 4960
Richard Jolly
Chief Financial Officer
Hellaby Holdings Limited
Phone: +64 9 307 6844
Mobile: +64 27 497 6710
About Hellaby Holdings: www.hellabyholdings.co.nz
Hellaby Holdings ('Hellaby') is an NZX-listed investment holding company,
which owns a diversified portfolio of New Zealand and Australian industrial,
distribution and retail businesses.
Our vision is to be a leading Australasian investor, based on the value we
add to our portfolio, the returns we deliver to our shareholders and the
calibre of our people. Hellaby will generate attractive long-term shareholder
value through a combination of performance improvement and organic growth in
the businesses we own, and through smart acquisitions and divestments. We
describe this strategy simply as 'Buy, Build, Harvest'. We seek to generate
total shareholder returns superior to the NZX50 Gross Index.
We have a variable investment horizon, and our portfolio will evolve over
time. We actively manage our investments through a lean corporate office, and
decentralise leadership and performance accountabilities to our companies.
End CA:00241797 For:HBY Type:ASSET Time:2013-10-01 08:30:12
