HANSELLS food company, founded in Masterton 72 years ago, has been sold to Auckland manufacturer Old Fashioned Foods for an undisclosed sum.
Old Fashioned Foods said it expected the purchase to boost its turnover to $100 million this financial year.
Hansells was sold by Auckland businessman Gary Lane, who also sold his
other food manufacturing businesses, Healtheries, to private Australian private equity company Next Capital.
The deal, subject to certain conditions, is expected to be funded partially through debt and equity from existing shareholders.
Mr Lane, who was reported in July as wanting to get rid of both businesses estimated to be worth up to $200 million, owns the Wairakei golf course with two associates. He was on this year's National Business Review Rich List at $225m, up from $215m a year ago.
Hansells produces and distributes baking products, drinks such as Vitafresh and Jungle Juice brands and soups, cereals, home-made yoghurt and sweeteners. It has manufacturing plants in Masterton and Auckland.
New owner Old Fashioned Foods, maker of Aunt Betty steamed puddings, was reported in June as aiming to increase annual turnover to $100m from $45m in order to achieve an initial public offering and sharemarket listing.
Investment fund manager Gresham Rabo is helping fund the Hansells purchase. ? NZPA
