| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 27 March 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of Trilogy International Limited, the consideration of which exceeds $100 million. |
| Consideration | $203,000,000 (approx) being the number of all Trilogy International Limited’s issued shares as at the record date for the transaction x $2.90 per share. |
| Applicant | CITIC Capital China Partners III, L.P and TIL NZ Rose Investment Limited Various overseas persons (43.8%) Canada (19.2%) Qatar (9.5%) Singapore (8.6%) Malaysia (6.3%) China, People's Republic of (12.6%) |
| Vendor | Shareholders of Trilogy International Limited Business Bakery LP, New Zealand (31.21%) New Zealand Public (26.5418%) Various overseas persons (10.1229%) National Nominees Ltd ACT Australian Ethical Investment Limited, Australia (9.36%) Grandeur Peak Global Advisors, LLC, United States of America (6.61%) United Kingdom Investors, United Kingdom (6.17%) Regal Funds Management Pty Ltd, Australia (5.5%) North American Public (2.469%) United Kingdom Public (2.0164%) |
| Background | CITIC Capital China Partners III, L.P and TIL NZ Rose Investment Limited (Applicant) are part of the CITIC Capital group of companies. That group provides investment vehicles for a number of sovereign investment funds, pension plan funds, and institutional investors, and has offices in Hong Kong, China, Japan, and the United States. CITIC Capital China Partners III, L.P has incorporated in New Zealand TIL NZ Rose Investment Limited and a holding company to undertake this transaction. Trilogy International Limited (TIL), is an NZX and ASX (foreign exempt) listed company that manufactures, wholesales, and distributes home fragrance, body care and natural products, predominantly in New Zealand and Australia. TIL has acquired a range of business lines, including ECOYA, Goodness, and CS Company brands. Part of TIL’s growth strategy includes a China-focussed expansion through grey market channels. This aspect of TIL is of particular interest to the Applicant and aligns with its China-focussed active equity strategy. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Silvana Schenone Minter Ellison Rudd Watts PO Box 3798 AUCKLAND 1140 |