Hellaby Holdings to buy packaging company Elldex

Investment company Hellaby Holdings is to buy Elldex Packaging.

Hellaby said in a statement the purchase would take place on February 1 next year, for between $9.5 million and $10 million.

Elldex is a specialist manufacturer and importer of flexible packaging products for a wide variety of customers.

Hellaby managing director David Houldsworth had flagged Hellaby's intentions of buying new businesses at the company's annual general meeting in Auckland last month.

He said at the time Hellaby was looking for well performing companies, rather than turnaround projects.

Its most recent acquisition was the BBQ Factory, in September.

Shares in Hellaby rose 2c to $6.32 after the announcement, having ranged between $4.65 and $6.40 over the past 12 months.

- NZPA