Acquisition adds to rich-lister’s empire
Rich-lister Simon Henry’s acquisition of Australia’s largest dangerous chemicals company, DG Logistics, also adds more properties to his investments in Christchurch, Wellington and Auckland.
When combined with his company, Chempro, the operation will have 20 sites in New Zealand and Australia, with 100,000 tonnes of chemical storage capacity, employing 250 people and producing annual revenues of more than $120 million.
The one-time beekeeper started out buying Christchurch commercial properties after the 1987 sharemarket crash. He moved to Auckland and bought more properties, as well as Chempro.
Adding the DGL acquisition builds his estimated fortune to more than $200m.
‘‘Since the global financial crash in 2008 I put my mind to building a conventional industrial group like Hellaby’s used to be. I have other acquisitions in my sights as well but whether I’ll list on the stock exchange I don’t know yet,’’ Henry said.
‘‘Chemicals get sent into Australia and New Zealand from Japan, China and America. But they don’t want to differentiate between Dunedin and Adelaide, so it’s easier for them to have one operator than have to deal with different ones in each country.’’
Combining Chempro with the latest Australian acquisition has created a one-stop logistics and storage group to be called DGL Logistics.
Henry said one of the benefits of buying the Australian company was that it had storage and transport licences which would be difficult, if not impossible, to obtain nowadays.
Chempro has depots in Auckland and Wellington, and is enlarging its Christchurch storage facility.