Global firm buys 35% Mojo stake

Global investment company LJ Partnership and Tailorspace has taken a 35 per cent stake in coffee brand Mojo.

Tailorspace was set up by richlister Ben Gough, whose family made their money through the sale of heavy construction machinery.

He and Brett Gamble set up ADP Investments, an investment vehicle for the partnership of LJ Partnership and Tailorspace, which bought out previous private equity firm Marmont and Friends shares.

LJ Partnership NZ is a joint venture with Tailorspace and LJ Partnership Global. Companies Register documents show the change in shareholding was finalised last week.

Wellington-based coffee brand Mojo was set to be acquired by NZX-listed Cooks Global Foods for $19 million but that fell through in October when conditions were not met.

The investment firm approached Mojo after the Cooks Global Foods deal dissolved.

Gamble, chief executive of Tailorspace and director of ADP Investments, said the foothold Mojo had in the United States market was appealing and made the firm want to back it. The investment companies are diversifying their portfolios.

“New Zealand has become a centre of excellence almost globally for coffee,” Gamble said. “We drink a lot of Mojo coffee, we know how good they are and what they do, and so when the opportunity to invest in the company who had aspirations of exporting their capability, and the fact that they had got a foot in the US, we saw that as a great opportunity to partner with a Kiwi brand.”

Gamble said the firm saw growth opportunities for Mojo in several global markets, not only in North America.

Mojo co-founder and chief executive Steve Gianoutsos said its links with Tailorspace went back to pre-quake days in Christchurch.

Mojo has 36 stores in NZ, four in Japan, two in China and one store in Chicago.

It plans to push further into the US and has three more stores lined up to open in the next six months in Chicago.