| Decision number | 200610043 |
|---|---|
| Application number | 200610073 |
| Date | 27 April 2006 |
| Offeror/applicant | Milford Equities Limited |
| Ultimate applicant beneficial ownership | 49 percent - New Zealand, Cameron (Janet Heather) 25.5 percent - Australia, Quadrant Private Equity Pty Limited as manager of Quadrant Private Equity No. 1A and Quadrant Private Equity No. 1B 25.5 percent - New Zealand, JBWere (NZ) Private Equity Limited as manager of Special Managed Investment Company No. 80 Limited |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 0 percent |
| - Share proposed | 25.5 percent |
| Offeree(s)/seller(s) | Cameron (Janet Heather) of New Zealand |
| Business activities | Wholesale & Retail Trade - Personal & Household Goods |
| Details of land involved | None |
| Regions involved | Various |
| Total consideration | $275,000,000 |
| Consent sought | To acquire rights and interests in up to 100 percent of the securities of Kathmandu Group Limited. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Milford Equities Limited (Milford) proposes to acquire 100 percent of Kathmandu Group Limited (Kathmandu), a holding company for a group of companies that conduct business under the outdoor clothing and equipment brand "Kathmandu" with stores located in Australia and New Zealand. The vendor has decided to sell 51 percent of Kathmandu, while retaining 49 percent, to enable greater support for the continued growth of Kathmandu. |
| Contact | John Strowger/Rachel Dunne Chapman Tripp PO Box 2206 AUCKLAND |