Russells in buy-back

Hauraki Private Equity No 2 Fund has sold its 51 per cent stake in construction company Dominion Constructors and scaffolding company Acrow to managers.

"The Russell family is pleased to advise that they have bought back Dominion Constructors," joint managing directors Alf and Brett Russell, a father and son team, said.

The stake in Dominion Constructors was sold to Hauraki, a fund managed by Goldman Sachs JBWere, in 2006 and the fund's existing investment in Acrow became part of the group.

The Russell family owned 44 per cent and Mark Irvine, the managing director of Acrow, held 5 per cent.

Under the new structure the Russell family own 85 per cent and Mr Irvine has the balance.

The two business will be run separately.

No financial details were disclosed.