Timezone Group announced at the start of January that it had completed the acquisition of the remaining majority stake in the Timezone business in New Zealand from Gary Walker, Stuart Jones and Mark Jones. The acquisition was completed on Jan. 1, with Timezone Group announcing that the existing management team will remain in place to operate and grow the business.
Scott Blume, Managing Director of Timezone Group, said, “Gary and his team have built an outstanding business and we are very excited to move from a minority equity position to 100% ownership and at the same time continue to work with the existing management team. We believe that there are significant opportunities for growth in the NZ market and this transaction will ensure that the NZ business has the capital to take advantage of these opportunities. We will also continue to look for other bolt on acquisitions in APAC that complement our growth and capital return strategies.”
Walker said, “Our sale of the majority equity position in Timezone New Zealand is a natural progression as we exit ownership of the business after an eventful 35 years. We know and respect the Timezone Group leadership team and there is also a close cultural fit between both organizations. The New Zealand Team is looking forward to the next chapter in our history as we take advantage of the increasing number of opportunities to grow our existing business and rapidly expand the number of new stores.”
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