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Investment company Hellaby Holdings has bought Christchurch-based Chequer Packaging and says future acquisition opportunities lie more in the industrial rather than the retail sector.
"We would see that future growth in terms of acquisitions will be more on the industrial and distribution side rather than in retail," new chief executive John Williamson said yesterday.
Hellaby has interests in automotive, industrial, manufacturing, distribution and retail companies, including Hannahs and Number 1 Shoe Warehouse.
About three-quarters of Hellaby's business is now industrial- and distribution-based, Williamson said.
The purchase of Chequer - part of a larger group under receivership - follows that of PPL Packaging this month and Elldex Packaging bought in early 2005.
But the NZX-listed investment company is not looking to buy more businesses at the moment.
"At this stage our challenge is to consolidate and add value to the three [packaging businesses] and then plan our next steps," Williamson said.
"This has transformed Elldex from a standalone business in Hellaby's portfolio to a significant packaging group with strong market positions across a number of sectors."
Chequer was bought for less than $10 million. Hellaby's share price closed up 4c yesterday at $3.40.
