AMP sniffs NZ deal in perfume

Two AMP investment funds are hoping to savour the sweet smell of success after taking a stake in New Zealand's biggest independent perfume and cosmetics distributor.

AMP Pencarrow private equity fund and AMP's retail private capital fund are jointly taking a "significant" stake in CS Company.

The Auckland-based marketing and distribution company holds exclusive distribution rights for 38 international suppliers, including Boots the Chemist, Proctor & Gamble, Unilever and Coty Lancaster. Its 100 brands include Gucci, Hugo Boss, Calvin Klein, Max Factor, Cover Girl and Vicks.

CS was founded in 1976 by managing director Ken Millar and brothers Don and Glen Bernard. It started as a manufacturer and distributor, but later focused on importing, marketing and distribution.

Millar, the sole shareholder at the time of the AMP deal, said AMP was the "ideal partner to take the company to the next level".

That could include buying smaller firms and picking up business as overseas principals pulled out and looked to local companies to handle their distribution.

Neither Millar nor Murray Gribben, head of AMP Alternative Assets, would confirm the size of the stake or the price paid.

AMP Pencarrow Fund is a 50-50 venture between AMP Capital and Pencarrow Private Equity, focusing on management buyouts and the expansion of local businesses.

AMP Capital Investors and Pencarrow already have stakes in Hurricane Wire Products, Eskimo Logistics Group, Wellington-based Formway Furniture and Wellington Drive Technologies.

In June, the NZ Super Fund announced it had committed $23.7 million to the AMP Pencarrow Private Equity Fund.

- NZPA