Craigs’ 50% stake sale complete

Investment firm Craigs has confirmed the sale of half of the company to global private equity firm TA Associates is now complete and takes effect from today. 

The agreement between the two, announced in December last year, sees Craigs’ existing employee and director shareholders retain the other half of the company’s ownership. The parties have not disclosed how much TA paid for its 50% shareholding of the New Zealand firm.

The deal was conditional on shareholder, Overseas Investment Office and court approval, and a statement from Craigs on Wednesday says those conditions have all been met, with the strategic partnership now in effect. The two companies say they intend to work closely together to help support Craigs’ growth.

TA Associates is already an investor in New Zealand with stakes in Fisher Funds, Russell Investments, Betashares and Apex Global.