Hogans sell stud to Kiwi plastics moguls
Sir Patrick Hogan’s fears that Cambridge Stud in Waikato would end up in foreign ownership have been put to rest with news of a local sale.
He and Lady Hogan have sold the thoroughbred operation to Auckland couple Brendan and Jo Lindsay, who are the former owners of New Zealand plastic kitchen container firm Sistema.
‘‘That right time has now come and the right people have arrived,’’ Hogan said.
‘‘It is no secret that there has been huge international interest in Cambridge Stud for some time now. Many different parties have made approaches to us; however, Justine and I were determined to wait for both the right time and the right people. That was nonnegotiable for us.’’
Hogan stressed that he has no plans to retire, saying that it’s not on his agenda.
‘‘We will have our 2018 Karaka draft, the final one under our auspices, to prepare. After that I have plenty of racing and breeding interests to keep me firmly involved in the industry – an industry I will be fully immersed in until the day I die.‘‘
The price was not disclosed but the Lindsays will take over in April 2018.
Hogan was angry at speculation over the sale prices, saying there was no foundation to the gossip of recent weeks.
‘‘I’m very disappointed in people who have clearly not minded their own business. It doesn’t show much respect.’’
Hogan said the couple were keeping their racing bloodstock and the latest yearling crop for the next National Yearling Sale at Karaka in January.
‘‘I’m not walking away. Two wonderful people are taking it over but I will always be welcome at the gate to stick my nose in,’’ he said, adding that he will ‘‘just no longer have the final say’’.
The new owners were not available for comment but said in a statement they would ‘‘honour the legacy’’ of Cambridge Stud.
‘‘No matter where you travel in the world, the Cambridge Stud name is synonymous not only with New Zealand but with unequalled Group 1 excellence. Eight Melbourne Cups, four Cox Plates, three Caulfield Cups and the Golden Slipper have been associated with the stud,’’ they said.
‘‘We will honour the legacy that Sir Patrick and Lady Hogan have entrusted us with. We feel both proud and privileged to have the opportunity of helping to write exciting new chapters to the Cambridge Stud success story.’’
The company they founded, Sistema, was sold to New Jerseybased Fortune 500 company Newell Brands for $660 million in December 2016, in another Kiwi garage-to-global local business success story.
Brendan Lindsay said then that he had turned down an initial offer from Newell Brands in 2014 because it would not commit to keeping the firm’s manufacturing staff New Zealand based.
Similar to the Lindsays’ lowkey origins, Cambridge Stud’s current success is far cry from the humble beginnings of the Hogans.
‘‘Back in the early 1970s when we started out we had one staff member. That’s all we could afford,’’ he said earlier this year.
‘‘When we first started breeding we had five foals in our first year. They weren’t very valuable, but they were valuable to us.’’
That all changed with the arrival of Sir Tristram at Cambridge Stud in 1975, the son of English Derby winner Sir Ivor.
The stallion, bought for $1300 with no great fanfare, went on to sire 46 individual Group 1 winners and more than 130 stakes winners during an impressive stud career.
From a small stud farm with one member of staff, Cambridge Stud now spans more than 400 hectares.