PF Olsen partners with Quayside Holdings
Wednesday 15 Jun 2022
PF Olsen And Quayside Announce Investment Partnership - PF Olsen and
Quayside Holdings (Quayside) are proud to announce Quayside has acquired 44%
of PF Olsen, with the deal closing on 10 June 2022. Direct Capital is
selling its shareholding after 11 years as a shareholder.
PF Olsen is
a leading provider of independent professional forestry services and
celebrated their 50th anniversary in 2021. Across NZ and Australia, PF Olsen
manages 372,000 hectares of forest, harvesting 5.1 million m³ of logs each
year as well as planting 14 million trees per annum. PF Olsen offers
exceptional services to their clients across the whole forestry value chain.
Quayside, as the investment arm of the Bay of Plenty Regional
Council, focuses on commercial returns for their shareholder and the wider
community; supporting impactful investments while investing responsibly for
strong financial returns for generations to come.
Quayside’s Chief
Investment Officer, Brendon Barnes, says “this transaction is the result of
a thorough due diligence process. Quayside sees a number of compelling
growth opportunities in the forestry sector and the investment in PF Olsen
will be the catalyst for many of these. PF Olsen is a household name with a
long legacy; we are excited to work alongside the strong management team to
grow the company for the benefit of our community and NZ”.
“During
Quayside’s due diligence phase we were impressed with their investment
strategy and particularly how well it aligned with our strategy and growth
aspirations. The partnership with Quayside will allow PF Olsen to maximise
these opportunities and continue to provide an outstanding service for our
clients”, Ross Larcombe, CEO PF Olsen. As a result of the investment by
Quayside, PF Olsen will continue to focus on its key markets, customers and
developing growth possibilities. There will also be further employment for
the region, as well as opportunities for iwi and other community groups,
with a strengthening of community relationships.
Of the deal,
Quayside’s Chief Executive Officer, Scott Hamilton, states “The PF Olsen
deal sits soundly within Quayside’s mandate and investment strategy, in an
industry that is expecting significant growth, allowing us to meet our
shareholder’s dividend requirements. PF Olsen is managed by a strong team of
seasoned professionals with outstanding reputations and experience that are
leading the organisation to its next stage of growth.”
Through their
investment in PF Olsen, Quayside will appoint two Board Directors with
complimentary skill sets to the PF Olsen Board.
As a result of the
partnership between PF Olsen and Quayside, PF Olsen envisages a bright
future for its clients and people. With net-zero carbon initiatives,
forestry carbon will play an important role in meeting NZ’s emissions
commitment now and into the future.
Source: Scoop
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