Applicant
GWA Group Limited
Case number(s)
201810314
Decision date
Type
Decision

Decision

Consent granted
Section 13(1)(a) Overseas Investment Act 2005

Decision Maker

Overseas Investment Office

Decision Date

25 February 2019

Investment

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares of Methven Limited, the consideration of which exceeds $100m.

Consideration

$117,572,506

Applicant

GWA Group Limited
Australian Public (64.83%)
United States Public (9.96%)
United Kingdom Public (6.27%)
Norwegian Public (2.55%)
Various overseas persons (16.39%)

Vendor

Existing shareholders in Methven Limited
New Zealand Public (97.97%)
Australian Public (0.92%)
United Kingdom Public (0.25%)
United States Public (0.22%)
Various overseas persons (0.64%)

Background

The Applicant is an Australian listed company that supplies building fixtures and fittings across Australia and New Zealand for commercial and residential use.

The Investment involves the Applicant’s acquisition of the shares in Methven Limited. Methven Limited is a New Zealand company which manufactures and supplies showers, taps and valves for kitchens and bathrooms for distribution across New Zealand, the United Kingdom, Australia and the People’s Republic of China.

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

James Cooney/Glenn Shewan
Bell Gully
PO Box 4199
AUCKLAND 1140