| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 2 May 2016 |
| Investment | A proposed overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of New Zealand Panels Group Limited, the consideration of which was expected to exceed $100m. |
| Consideration | Consideration was not finalised but was expected to exceed NZ$100 million |
| Applicant | ArcPac Building Products Limited Crescent Capital Partners IV, LP, Australia (49.1%) CCP Trusco 1 Pty Limited as trustee for Crescent Capital Partners Specific Trust IVA, Australia (18.8%) Australian Public (12.5%) CCP Trusco 3 Pty Limited as trustee for Crescent Capital Partners Specific Trust IVC, Australia (10.7%) CCP Trusco 2 Pty Limited as trustee for Crescent Capital Partners Specific Trust IVB, Australia (8.9%) |
| Vendor | Existing shareholders of New Zealand Panels Group Limited Crescent Capital Partners IV, LP, Australia (39.26%) CCP Trusco 1 Pty Limited as trustee for Crescent Capital Partners Specific Trust IVA, Australia (15.01%) CCP Trusco 3 Pty Limited as trustee for Crescent Capital Partners Specific Trust IVC, Australia (8.58%) CCP Trusco 2 Pty Limited as trustee for Crescent Capital Partners Specific Trust IVB, Australia (7.15%) New Zealand public (30.00%) |
| Background | The Applicant was to acquire its interest in New Zealand Panels Group Limited through its 100% subsidiary, Breezway Bidco Pty Ltd. New Zealand Panels Group Limited comprises of a variety of business units which make specialist interior decorative products including panels, benchtops, drawers and doors. The investment was to be undertaken at the time of, and in connection with, a proposed share issue and listing of the Applicant on the ASX. The proposed share issue and listing did not proceed. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Toby Sharpe Bell Gully PO Box 4199 AUCKLAND 1140 |