News
   
Sale of Innovair Business
30/06/2008

Innovair Group the owner of the Robocan pest control product has agreed to a sale of its assets to multinational SC Johnson. SC Johnson is well placed to continue to grow this business. Innovair has achieved a leading market position in New Zealand’s pesticide market and a strong and growing position in Australia.

The value of the transaction is confidential but represents a very positive outcome for Direct Capital Partners and Pohutukawa shareholders, producing an annualised IRR of over 250 per cent. The sale involves 15 per cent of the proceeds being held in escrow for two years but is expected to produce a return on capital invested of over 4X.

Mark Hutton, Direct Capital Management, +64 9 369 9223