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Local private equity firm Direct Capital has taken a cornerstone stake in Innovair Group, which manufactures and markets advanced automatic air dispensing systems.
It has initially acquired a 28 per cent shareholding in Innovair alongside the original shareholders.
Direct Capital's investment has been completed from its Direct Capital Partners III and Pohutukawa Private Equity funds.
Innovair sells a product called Robocan - an automatic dispenser of pest repellent and pest control sprays.
To date the company has achieved strong transtasman sales growth and Innovair intends to launch Robocan in South Africa this summer.
The company is the number one selling pest control product in New Zealand with market share of 35 per cent. Innovair is also developing a number of new products for application across a range of channels.
The company has undertaken IP protection in a number of overseas territories and further markets have been identified for expansion.
Direct Capital said the company had high growth potential.
