An Auckland company has invested in a Taranaki engineering business.
Investment company Direct Capital said yesterday it had bought a 70 per cent stake in Energyworks, which was established as Inglewood Engineering in 1972.
In 2000, the company, which had about 30 staff, was sold and rebranded as Energyworks.
Now in Bell Block, the energy sector-focused company employs more than 200 staff.
Energyworks managing director Dallas Chadwick and chief executive Allen Clarke continue to be shareholders in the company and would still manage the business. "We're excited about the partnership as it adds a new dimension to the company," Chadwick said. The move would provide capital for the company to grow, he said, adding that he looked forward to working with Direct Capital's staff who had extensive business experience.
Direct Capital, established in 1994, raises capital from large institutional investors to invest into privately owned businesses.
The company's director Mark Hutton will join the Energyworks board and an independent director is to be appointed.
The Energyworks investment is the Direct Capital's seventh from its Direct Capital IV fund.
Current and past investments by Direct Capital included Ezibuy, Cavalier Wool Holdings, Fishpond and Rodd & Gunn.
- © Fairfax NZ News
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