Mike Pero's investment spree has continued, with the mortgage man set to back a fledgling Christchurch flight simulator business.
Mr Pero, who sold the majority of his stake in his mortgage broking business for $13.5 million in April, is in discussions with the owners of jet Simulation Hardware about buying intothe business.
Earlier this month Mr Pero agreed to take a 25 per cent stake in struggling regional airline Origin Pacific and he had continued the aviation theme by taking a 25 per cent share in the flight simulator business.
Simulation was set up in a Lincoln garage about two years ago, and builds aircraft simulators which can be used for airline training.
Partners Russell Hubber, Steve Clarke and Stuart Whelan have developed the company so far, but are on the brink of bringing the mortgage man on board with a cash injection and some extra marketing flair.
With Mr Pero's backing, which he said would value the company at more than $1 million, the firm plans to take on up to five more staff and hopes to export its first simulators by the middle of next year.
Mr Pero said he first heard about the company after reading a leaflet in his letter box.
"I thought it looked like a great entertainment device," Mr Pero said.
Mr Pero, a former airline pilot, had a go on the simulator and said he then realised it had great export potential.
"It looks like a cockpit and the software is totally in line with a real aircraft."
"It's far cheaper than the real thing but will do about 80 per cent of what a real simulator does."
Full function flight simulators, which are mounted on hydraulic rams to imitate aircraft movement, cost up to $30 million and usually have long queues of pilots waiting to use them.
While Simulation Hardware's product was static, it was also cheaper and could complement normal simulator training, Mr Pero said.
Mr Pero said talks had been held with Air New Zealand and the airline was supportive of the idea.
Mr Pero said he had a couple of other projects in the pipeline but they were at an early stage.
He has retained a 10 per cent stake in his mortgage business which he continues to front.
