Richlister Graeme Hart signs conditional offer to buy Hansells Food Group
Monday, 18 June 2018
Reclusive billionaire Graeme Hart has offered to buy one of the country's biggest food manufacturing firms.
It is understood Hart, and his son Harry, have signed a conditional contract for Hansells Food Group, which owns a number of food brands including Aunty Betty's, Weight Watchers, and Vitafresh.
Hansells Food Group managing director Ross MacKenzie said he and the Harts could not comment due to a confidentiality agreement. However, it is believed an announcement is due to be made in the next few weeks.
The company's latest available financial statements show the group posted a loss of about $6.7 million for the year to March 2017. At the time, there was 'significant doubt' about the group's ability to continue as a going concern.
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The loss comes off the back of another loss the year before, of about $10.9m.
Sales for last year were $103m, down from $122m for year prior.
Hansells is an old New Zealand company that has been manufacturing baking ingredients since 1934.
It manufactures its products at three sites, Penrose and New Lynn in Auckland, and Masterton. It has factories in Australia and the UK.
The name Hansells comes from the co-founders L B Maunsell and Mr Hansen.
Mr Hansen, who was a chemist, did not last long in the firm and it is believed he was shipped back to Australia on a bigamy charge.
Hansells is best known for flavour essences, but other products include food colouring, gravy browning, drinking chocolate, drink powders, pancake mixes, baking goods and mousse.
Its brands include Vitafresh, Thriftee, Alfa One, Aunt Betty's, Hansells, Vitasport, The Coconut Collaborative, Teza, Aunty's, and Weight Watchers.
Hansells and its various brands were acquired by Old Fashioned Foods Group in 2006.
Hart, who is worth an estimated $7.5 billion, is New Zealand's richest man.
In October last year, Forbes put Hart's 'real-time' net worth at more than $14b. Seven months prior, he was ranked 133 on the magazine's list of the wealthiest individuals on the planet.
A school dropout at 16, Hart eventually completed a university MBA and made his fortune in the packaging industry, perfecting what are known as leveraged buyouts.
Hart's big break came in 1990 when he purchased the Government Printing Office.
In 1991, he bought Whitcoulls Group before he steadily started buying and selling larger and larger companies.
Hart's privately run Rank Group Limited now controls several major multinational firms, including Carter Holt Harvey.