February 27, 2014
Tainui and Ngai Tahu team up for dairy tech business
Tainui and Ngai Tahu have teamed up with Pioneer Capital to buy dairy technology manufacturer, Waikato Milking Systems.
Tainui Group Holdings, Ngai Tahu Capital and Pioneer Capital will each hold an equal number of shares, with management retaining a minority stake.
The price was not revealed.
The company supplies equipment to the New Zealand market and more than 30 dairy-producing countries.
It has grown significantly since 2001, when majority shareholder UPC Capital and managing director John Anderson led a management buy-out.
Tainui Group Holdings chief executive Mike Pohio says it’s the first step in TGH’s diversification programme.
He says the company is a Waikato success story and the investment shows the tribe’s continuing commitment to the region.
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