“We’re excited to have a New Zealand-owned private equity shareholder like Simplicity on board to continue the Stabicraft legacy,” Adams said in a statement.
Stubbs said the investment was focused on generating long-term returns for Simplicity’s members, while providing equity capital to help Stabicraft expand internationally.
Following the challenges of the Covid pandemic, Stabicraft aims to grow its global footprint, the company said.
Stabicraft is one of New Zealand’s biggest aluminium boat builders.
“We are really strong in New Zealand and have a reasonable presence in Australia,” chief executive Aaron Greene said.
“We are aggressively working on expanding in the North American market as well.”
Green said Stabicraft had been looking for a partner for some time.
“Paul Adams has owned the business since 1987 and he wanted to step away a little bit,” he said.
“I guess it was an opportune moment for another shareholder,” he said.
Stabicraft employs over 100 people in Invercargill and has a small presence in Seattle.
Stabicraft’s website says it made the world’s first aluminium positive-buoyancy chambered boat.
The company’s unique “life ring protection” comes from individually sealed air and watertight aluminium chambers that wrap around the hull.
Stabicraft says its boats can remain on the surface even when filled with water.
Greene said the company it had long-established relationships within its growing dealer network and a solid supply chain.
Jamie Gray is an Auckland-based journalist, covering the financial markets and the primary sector. He joined the Herald in 2011.
