| Decision number | 200620056 |
|---|---|
| Application number | 200620073 |
| Date | 9 October 2006 |
| Offeror/applicant | Quadrant Private Equity Pty Limited as manager of Quadrant Private Equity No. 1A and Quadrant Private Equity No. 1B & Goldman Sachs JB Were (NZ) Holdings Limited |
| Ultimate applicant beneficial ownership | 50 percent - Australia, Quadrant Private Equity Pty Limited as manager of Quadrant Private Equity No. 1A and Quadrant Private Equity No. 1B 50 percent - New Zealand, Goldman Sachs JB Were (NZ) Holdings Limited as manager for the Hauraki Private Equity No.2 Fund |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 25 percent |
| - Share proposed | 50 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 | $50,000,000 |
| Consent sought | To acquire rights and interests in up to 100 percent of the shares of Milford Group Holdings 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. In May 2006 the Overseas Investment Office approved the acquisition of 100 percent of the shares in Kathmandu Group Limited (Kathmandu) by Milford Equities Limited (MEL). MEL is wholly owned by Milford Group Holdings Limited (MGHL). Kathmandu is the holding company for a group of companies that conduct business under the outdoor clothing and equipment brand 'Kathmandu'. MGHL proposes to issue shares to Quadrant Private Equity No.1A, Quadrant Private Equity No.1B (together QPE) and Goldman Sachs JBWere (NZ) Holdings Limited (GSNZ), or their nominees. Following this issue MGHL proposes to buy back and cancel the 49 percent of shares held by Janet Heather Cameron. Given their business skills and governance experience QPE and GSNZ can add initiatives and drive to the continued growth of Kathmandu. |
| Contact | John Strowger/Rachel Dunne Chapman Tripp PO Box 2206 AUCKLAND |