Ann: ASSET: HBY: Hellaby Holdings sells Packaging division

• Release Date: 29/05/15 09:28
• Summary: ASSET: HBY: Hellaby Holdings sells Packaging division
• Price Sensitive: No
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					HBY
29/05/2015 09:28
ASSET
PRICE SENSITIVE
REL: 0928 HRS Hellaby Holdings Limited

ASSET: HBY: Hellaby Holdings sells Packaging division

Hellaby Holdings Limited - NZX / Media Release 29 May 2015

Hellaby sells Packaging division

Investment company Hellaby Holdings Limited ('Hellaby') announced that it has
today divested its Packaging division to Coveris, one of the world's largest
plastics packaging and coatings companies.

Hellaby's Packaging division comprised Elldex Packaging Limited and Elldex
Packaging Australia Pty Limited ('Elldex').  The transaction enterprise value
is around NZ$30 million which approximates carrying value allowing for
transaction costs. The company will use the proceeds to reduce debt.

Hellaby Managing Director John Williamson said that the sale of the Packaging
business was consistent with the company's investment strategy.  "Elldex has
been a good investment for Hellaby since its acquisition in 2005.  We had
been looking to significantly grow the business and had committed to the
construction of a food-grade manufacturing facility in Christchurch (due for
completion later in 2015) as a platform for expansion."

"Interestingly it was this new plant that attracted the attention of Coveris,
which has been seeking an entry point into Australasia. While Elldex was not
actually for sale, we have been approached by other interested parties in
recent times. This Coveris opportunity created a win-win situation, and we
believe that Coveris will be an excellent long-term owner for Elldex and its
people."

Mr Williamson said Hellaby was continuing to seek value accretive acquisition
and divestment opportunities as it reshaped its portfolio.  "This opportunity
will give us added financial capacity to achieve our goals."

ENDS

Hellaby at a glance

Hellaby Holdings is an NZX-listed investment holding company, which owns a
diversified portfolio of 15 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's core purpose is to generate long-term shareholder value by building
better businesses. We achieve this through a combination of performance
improvement and organic growth in the businesses we own, as well as smart
acquisitions and divestments. We describe this strategy simply as 'Buy,
Build, Harvest'.

Our investment portfolio is structured through four divisions - Oil & Gas
Services, Automotive, Equipment and Footwear - with 3,000 people across New
Zealand, Australia, Middle East and North America. We have a variable
investment horizon, and our portfolio will evolve as opportunities arise in
target investment areas.

We actively manage our investments through a lean corporate office, and
decentralise leadership and performance accountabilities to our companies.

We seek to generate total shareholder returns superior to the NZX50.

For further information please contact

John Williamson
Managing Director
T +64 9 307 6844
M +64 21 271 4960

www.hellabyholdings.co.nz
End CA:00264998 For:HBY    Type:ASSET      Time:2015-05-29 09:28:22