Hansells Masterton has been acquired by Walter & Wild, the very group which tipped it into receivership. Photo / Lynda Ferringa
Hansells Masterton has been acquired by Walter & Wild, the very group which tipped it into receivership. Photo / Lynda Ferringa
A company linked to the Hart family has bought the manufacturing operations of Hansells Masterton - just months after it tipped the business into receivership.
Walter & Wild Ltd appointed receivers Andrew McKay and Rees Logan from BDO in April after it was owed money asa secured debt holder.
Hansells Masterton is a contract manufacturer which also owns the Horley’s brand and licence for the Hansells brand.
Hansells describes itself as “an iconic New Zealand brand that’s been in kiwi kitchens for 75 years”.
Its products include Thriftee juice concentrates, soup mix brand King, liquid sweetener Sucaryl and common pantry items like vanilla essence, tartaric acid, black pepper and curry powder.
In a statement today, Walter & Wild said Hansells’ assets had been acquired by Hansells Acquisition - a newly formed company owned by Walter & Wild.
McKay said multiple bids were evaluated for a potential acquisition, including interest from offshore parties, but Walter & Wild won out.
Former owner of Hansells Masterton Alan Stewart said an unsatisfactory pricing agreement with Walter & Wild led to the business being placed into receivership. Photo / Lynda Feringa
“As receivers, our role was to assess all available options, this transaction represented the best outcome given the situation which had the added benefit of minimising disruption to employees and the community,” McKay said.
“The receivers would like to thank the employees for all their hard work during the receivership as well as acknowledge the support of customers, suppliers and financiers as continued trading without their collective support would not have been possible.”
Walter & Wild confirmed all employees had been offered roles under the new ownership structure, with operations expected to continue without any interruption.
Walter & Wild chief executive Harry Hart said that by establishing the new structure, it had created a “clean slate”.
“We know this process has, of course, been difficult for all involved.
“We can now focus on stability - supporting our team, serving customers, and proving that Hansells can remain a vital part of the Masterton community and New Zealand story for a long time to come.”
Unsatisfactory pricing led to downfall
It’s the second time Walter & Wild has owned the business.
The Hansells brand was purchased in 2018 as part of the set of acquisitions that formed Walter & Wild.
The Hansells business was then sold to Hansells Masterton in 2023, largely owned by the company’s sole director Alan Stewart.
Stewart explained back in April that after its factory made a loss it was unable to make its loan repayments to Walter & Wild.
Walter & Wild helped finance the purchase of the business after Hansells Masterton couldn’t obtain finance for the purchase from either a bank or other financiers.
Walter & Wild decided to leave the amount owing on terms to be settled over four years at a 10% interest rate.
However, Hansells Masterton was unable to deliver the first loan repayment, totalling $1 million, so the business was placed into receivership.
According to McKay, the company owed significant amounts to employees, trade creditors, the Inland Revenue Department, and secured lenders, although how much is still to be released.
Walter and Wild Holdings is the ultimate shareholding company of Walter & Wild which is 67% owned by Graeme Hart and 33% owned by Harrison Hart.
Graeme Hart’s net worth was valued at $12.1 billion in the 2025 NBR rich list.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
