New owner for big Mercer shareholding

Humphry Rolleston’s holding company has sold a 20 per cent stake in Mercer Group to Big Chill Distribution director Colin Neal.

Mercer told the NZX on Thursday that Asset Management Ltd (AML) had sold 13 million shares to Neal, giving him a 19.81 per cent stake in the company. The price was not disclosed.

AML is the holding company for the Rolleston family. Christchurch-based Rolleston has been a board member for several NZXlisted companies including Sky TV, Infratil and Property for Industry.

He told BusinessDesk that AML owning 51 per cent of the group was holding back the company’s share register, prompting the decision to sell some of the Rolleston interests.

AML remains the largest single shareholder, with 22.5 per cent of the company.

“Colin Neal is a very successful private businessman. He likes the company. His presence on the share register will be in all shareholders’ best interests — including ours.” Neal is a director of Big Chill Distribution, a freight carrier that specialises in temperature-controlled logistics.

Last month, Freightways — which agreed to buy Bill Chill Distribution in October — said it expected the acquisition to get Overseas Investment Office approval in the first half of this year.

Mercer has two main divisions, stainless steel manufacturing and automated food processing systems.

Last year the company bought Milmeq Chilling and Freezing, a business which automates the chilling and freezing of meat, poultry and cheese, to provide more scale and help Mercer diversify.