New owners for Lumbercube

Lumbercube Mill. Photo / Stephen Parker

Rotorua's controversial Lumbercube mill has changed hands, but the new owners say it will be business as usual.

The news comes as Lumbercube delivered details of a noise mitigation plan for the Vaughan Rd site to the Rotorua Lakes Council yesterday. The plan is scheduled to be fully implemented by July 21.

The mill has been the subject of thousands of noise complaints since it opened in September last year.

According to the New Zealand Companies Office, the company that owned the mill - the Pedersen Group - has been bought out by Auckland-based investment company Maui Capital, with the Pedersen Group's directors transferring their final shares in the company to Maui Capital last week.

A statement from the Pedersen Group said former owner Paul Pedersen had retired after almost 30 years at the helm and the group's chief operating officer Gavin Hudson had been appointed as chief executive.

"After taking over control of the business in 1988, Paul has grown Pedersen Group Limited from a modest roundwood contracting business into what is widely recognised as one the most progressive and respected names in the forestry business," the statement read.

"Gavin's experience and long tenure with the company assures absolute continuity of operation. Like any retiring company owner, Paul's exit has been well planned to ensure absolute continuity of business."

According to Maui Capital's website, the company was founded in 2008 by Paul Chrystall and Brent Lawgun and invests in companies in New Zealand and Australia with current funds under its management totalling $500 million.

Its investments include New Zealand life insurance company Partners Life, Australian mining contracting company Mastermyne, and independent fresh produce trading and logistics company Freshmax.

Maui Capital managing director Mr Chrystall said questions about the day to day operation of the mill and any noise concerns would be answered by Mr Hudson.

"We intend to continue on with the business," he said.

"We obviously invest in businesses to grow them and our intentions are to build the business and grow it over time."

Mr Hudson did not respond to requests for comment yesterday.

After receiving Lumbercube's noise mitigation plan council staff were "clarifying some aspects of the plan with noise experts and legal counsel."

"We anticipate making public details of the agreed noise mitigation plan mid next week," a council spokeswoman said.