South Canterbury Finance (SCF) receiver McGrathNicol has appointed investment bank Goldman Sachs to advise it on the sale of two of the group's businesses, Helicopters NZ and Scales Corporation.
McGrathNicol managing partner Kerryn Downey told interest.co.nz earlier this week he hoped to receive indicative bids for the businesses before Christmas and will appoint a second adviser to assist with the sale of SCF's so-called "Good Bank" and "Bad Bank."
Read the receiver's statement below:
Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have appointed Goldman Sachs & Partners New Zealand Limited as sale adviser for specific investment assets owned by South Canterbury Finance.
The investments include 100% of Helicopters (N.Z.) Limited (HNZ) and a majority shareholding in Scales Corporation Limited (Scales). Both HNZ and Scales are separate from the core finance business of the SCF Group. These companies have leading positions within their respective industries and are not themselves in receivership.
Kerryn Downey said he is very pleased to have such a reputable and experienced investment bank on board.
HNZ is a leading provider of helicopter services and operates in New Zealand, Australia, South East Asia and Antarctica. HNZ was founded in 1955 with one helicopter and has grown significantly, now operating a fleet of 43 helicopters.
“Helicopters New Zealand grew to be an internationally-respected operator with the support of its previous owners and we welcome this opportunity to find a new owner to drive further growth in the business,” said HNZ’s CFO Paul McGuinness.
Scales has over 100 years of history in New Zealand and its operations include Mr Apple, the largest grower, packer and exporter of apples in New Zealand; Coldstore ownership, providing services to leading primary producers; and Shipping Agents, offering shipping and cargo services.
Scales and HNZ have experienced management teams who remain fully focused on their businesses, staff and customers. Scales’ CEO Andy Borland said.
“We've enjoyed a good working relationship with the receivers of South Canterbury Finance since their appointment, and we believe the commencement of this share sale process will provide greater certainty to all of the Scales Group's stakeholders, being our employees, customers, suppliers and minority shareholders.”