The Australian-owned rural servicing company Elders New Zealand is back in local hands.
Its new owners say it will be business as usual for the company and its joint venture wool partner, the Primary Wool Co-operative.
Ashburton-based agribusiness operation, the Carr Group, has acquired total ownership of Elders New Zealand.
Carr managing director Craig Carr said it would allow the family-owned group to expand into new areas, including livestock and wool.
"We have a seeds business, machinery business, farming businesses and also other investments in agri-related fields. The Elders New Zealand acquisition really was about expanding our footprint, particularly into the North island where Elders are a lot stronger and also expanding into other primary industries which we are not involved in, particularly livestock and wool, insurance, the advisory business that Elders have recently started up, the farm supplies business and also the e-farm supply on-line store," he said.
"They also have investments in seed which will complement our existing seed business particularly in Ashburton and the greater Canterbury region. So that adds more synergy to our business, more people, more horse power and other products and services that we currently aren't offering."
Mr Carr said Elders New Zealand's managing director Stuart Chapman, will continue to head the company, and the Primary Wool joint venture between Elders and the Primary Wool Co-operative will remain intact.
The co-operative's chairman, Bay de Lautour said it had had in-depth conversations with the new owners and was very pleased with its new joint venture partner.