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Investment company Masthead has bought a 10.1 per cent stake in Christchurch-based medical and dental products company Ebos Group.
The purchase follows the acquisition last year by Masthead -- associated with the family of Sir Robertson and Adrienne Lady Stewart of Christchurch -- of a 19.9 per cent share in Abano Healthcare Group Ltd.
A spokesman for Masthead said the Ebos purchase was not necessarily a beachhead for a full takeover.
Following the sale of New Zealand's largest plastic packaging business Alto Holdings last year, reportedly for around $200 million, a lot of cash had been freed up for the Stewart family, he said.
The family had taken a long term view on the healthcare sector because of New Zealand's aging population, and was extremely pleased with its 19.9 per cent investment in Abano.
Abano shares have appreciated substantially since the Stewart family took its stake.
Asked if the Stewart family had a track record of moving from a small stake to a full takeover, the spokesman said in the case of rival plastics firm Vertex that had been true but not with Abano.
Masthead completed a takeover of Vertex in 2005, then delisted the company and amalgamated it with Alto.
Nearly 2.5 million shares in Ebos changed hands at $6 a share -- 15 per cent up from yesterday's close of $5.20 -- when the New Zealand sharemarket opened today.
Shares in the company had previously been as high as $6 in January. This month it reported an 18 per cent fall in first half profit.
At the Ebos share price of $6 at lunchtime today, the company has a market capitalisation of $218 million.
- NZPA
