7 May 2013

Hellaby buys 85% of Contract Resources

8:10 pm on 7 May 2013

Hellaby Holdings recently completed a $73 million purchase of an 85% stake in industrial services company Contract Resources.

Hellaby's managing director, John Williamson, says the purchase gives his company scale and geographic and sector diversity as well as a good management team.

"It brings a revenue and a profit stream roughly the same as our automotive division - so by Hellaby standards that's real scale."

Mr Williamson says about 70% of Contract Resources' total revenues are in Australia, and about 90% are outside New Zealand.

He says Hellaby Holdings is keen to fund further development of the industrial services company's activities in the Middle East.