| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision maker | Overseas Investment Office |
| Decision date | 16 November 2018 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition, via its subsidiary IDEAL Enatel, of 100% of the shares of Enatel Limited and 100.0% of the shares of Enatel Motive Power Limited, for consideration exceeding $100m. |
| Consideration | Exceeding $100m |
| Applicant | IDEAL Industries, Inc. United States Investors, United States of America (100.0%) |
| Vendors | The shareholders of Enatel Limited New Zealand Public (85.07%) Reality Investments Limited, New Zealand (14.93%) The shareholders of Enatel Motive Power Limited New Zealand Public (58.13%) Chargers Ahead Pty Ltd, Australia (20.0%) Reality Investments Limited, New Zealand (12.0%) EMP Trustee Company Limited, New Zealand (9.87%) |
| Background | Enatel Limited (Enatel) and its subsidiary Enatel Motive Power Limited are electronics companies based in Christchurch. Enatel is a designer and manufacturer of power electronics. Enatel Motive Power Limited is a manufacturer of battery chargers for the material handling industry, including a range of chargers of electric forklifts sold worldwide. The Applicant, United States based family-owned company IDEAL Industries, Inc (IDEAL), manufacture a range of tools and electronics for industrial use. IDEAL plans to use the existing leadership team of Enatel to continue to operate Enatel’s current business model. However, IDEAL intends to achieve collaboration opportunities with IDEAL’s other business units on targeted projects in motive power, energy and solar. IDEAL also intends to utilise Enatel’s research and technology capabilities across its other business units. 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 | David J Quigg Quigg Partners PO Box 3035 WELLINGTON 6140 |