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Investment group Hellaby Holdings Ltd is to buy industrial battery importer and distributor HCB Technologies Ltd from its private family owners.
Hellaby announced today it had entered into an agreement to buy 100 per cent of HCB but due to a confidentiality undertaking with the vendors the price could not be revealed for now.
HCB was the largest New Zealand-owned importer and distributor of industrial batteries, including automotive, commercial, marine, deep cycle, solar and motorcycle batteries, and, through its wholly owned subsidiary HCB Standby Technologies, such things as large reserve battery systems and traction batteries for fork trucks.
Hellaby managing director David Houldsworth said HCB's core business of automotive and industrial batteries was a good fit with its major business areas and was a complementary acquisition for the group.
The family owners had built the business to the point where it had a strong position in the New Zealand market, and Hellaby believed it could continue to grow the business, Mr Houldsworth said.
HCB would continue to operate as an independent, stand alone business under the Hellaby automotive division.
Hellaby shares closed yesterday at $4.85, having traded between $4.10 and $5.34 during the past year.
- NZPA