Investment Date: 2010 Development Stage: MBO Ownership interest: Pohutukawa 7.4% | Direct Capital 31% Sector: Property services & agency Where: New Zealand About: Bayleys is a full-service property service company operating nationally from 68 corporate owned and franchise branches. Bayleys has a dominant position in marketing commercial industrial properties, and a leading position in high-value residential, rural and lifestyle property sales. In addition to real estate agency, Bayleys offers other services including: facilities and asset management; valuation; leasing; research and advisory services.
Investment Date: 2010 Development Stage: Secondary Ownership interest: Pohutukawa 6.0% | Direct Capital 30.0% Sector: Wool scouring Where: New Zealand About: Cavalier Wool Holdings (CWH) is one of two wool scouring businesses in New Zealand. Operating from sites in Napier and Timaru, CWH is a commission-only scourer processing greasy wool on behalf of wool exporters and carpet makers, converting it to clean wool (removing grease and contaminants) and pressing and packing it for either local conversion into carpet, or export shipment. As a by-product, wool grease is extracted and exported to global customers who further refine it and convert it to lanolin for use in cosmetic and pharmaceutical end products.
Investment Date: 2011 Development Stage: Expansion Ownership interest: Pohutukawa 9.5% | Direct Capital 40.0% Sector: Forestry services Where: New Zealand and Australia About: PF Olsen is Australasia’s largest independent provider of professional forestry services, including forestry management, harvesting management, health and safety compliance, environmental compliance, genetically improved seed and containerised seedling sales, forestry enterprise software, and advisory and other technical services. PF Olsen manages the harvest of over 3 million tonnes of logs in New Zealand per annum, and manages over 150,000 stocked hectares in New Zealand as well as over 200,000 hectares of forest and land across Australia. The business subcontracts out physical operations to over 125 contractors, indirectly employing 1,500 across New Zealand.
Investment Date: 2011 Development Stage: Succession buyout Ownership interest: Pohutukawa 14.3% | Direct Capital 60.0% Sector: Roading and infrastructure services Where: New Zealand and Australia About: Hiway Group is a leading roading and infrastructure services contractor, with operations in both New Zealand and Australia. Hiway Group operates through two main operating companies, Hiway Stabilizers and Hiway Geo Technical deploying a number of specialist technologies including deep soil mixing, soil nailing, aggregate modification, sub-grade stabilisation, fill drying and foamed bitumen recycling. The company also offers a number of environmental contracting services including soil recycling and site remediation.
Investment Date: 2014 Development Stage: Secondary Ownership interest: Pohutukawa 9.6% | Direct Capital 84% Sector: Property and share investments Where: New Zealand About: George H Investments was a result of the demerger of Scales Corporation's investment assets in April 2014. The investment assets inlcuded a 10.3% investment in NZX listed Turners & Growers; three industrial parks (Hawkes Bay and Mosgiel); and a section in Christchurch.
Pohutukawa II has realised the following investments to date:
Realised: 2017
Investment Date: 2014
Ownership interest: Pohutukawa 16.7% | Direct Capital 70.0%
Realised: 2016
Investment Date: 2011
Ownership interest: Pohutukawa 2.8% | Direct Capital 18.05%
Realised: 2015
Investment Date: 2010
Ownership interest: Pohutukawa 11.7% | Direct Capital 48.6%
In July 2014 Pohutukawa II sold down a 6.8% interest in Scales Corporation, at the time of its IPO and NZX listing. Pohutukawa II retains a 2.8% shareholding in Scales Corporation.