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Founder of Heartland NZ's biggest shareholder, private equity group Impact Capital, joins new bank's board
Heartland New Zealand says Greg Tomlinson, founder of its biggest shareholder Impact Capital, has joined its board effective today.
In a brief statement Heartland said Tomlinson was from Marlborough and has private investments in the wine, healthcare, pharmaceutical and finance industries, including a substantial investment (8.8% stake) in Heartland. He also founded retirement home operator Qualcare.
Impact Capital has been a major Heartland shareholder since helping to underwrite a capital raising in 2011. Impact Capital describes itself as a New Zealand owned and managed private equity firm focusing on investment opportunities within New Zealand. It says it seeks established businesses, with strong management and strong prospects to grow.
Tomlinson won't qualify as an independent Heartland director because he is a substantial shareholder.
Heartland was created through the merger of Marac Finance, CBS Canterbury and Southern Cross Building Society in January 2011. It obtained banking registration from the Reserve Bank in December last year. Its other directors are chairman Bruce Irvine, CEO Jeff Greenslade, independent directors John Harvey and Richard Wilks, plus Graham Kennedy, Gary Leech, Christopher Mace, and Geoffrey Ricketts.