Wellington-based investment holding company Rangatira says it has a war chest of up to $30 million to invest in mid-sized firms that have genuine growth opportunities.
The investment concern made gross earnings of $4.4 million in the six months to the end of September, an increase of 2% compared with the same period a year ago.
The firm says its half-stake oil and gas services firm, Contract Resources, performed well, while smallgoods maker Hellers, in which it also has a half stake, suffered due to higher raw material costs.
Rangatira has about $140 million invested already, with $100 million of that in privately-owned firms.
Chief executive Ian Frame says it's on the hunt for firms with turnover of about $15 million wanting to take the next step up.
He says Hellers is an example of a company that's been a great success story for Rangatira after it invested in Hellers about seven years ago.
Rangatira sold investments in three firms; Dunlop Living, Tecpak Industries and Te Kairanga Wines, which Mr Frame says it had taken as far as they could go.
The investment firm is 51% owned by the JR McKenzie Trust, with other community and charitable organisations owning another 15% of the shares.
The remainder is held by private investors.
