The Grant family announced the 100% sale of its Christchurch Ready-Mix Concrete Ltd (CRMC) shares to HW Richardson Group Ltd (HWR) in a social media post.
HWR is a family-owned business based in Southland.
The Grant family have owned and operated CRMC for over 60 years.
CRMC was born out of Transport North Canterbury which began in the 1930s.
The Grant family, who have grown the business over several decades, believe now is the right time for a change in shareholder control, they said.
This sale will ensure the continued growth and success of CRMC and was finalised on April 11.
As it is a share sale all aspects of the business operations will remain as they were.
All employees were unaffected by the sale, the post said.
The Christchurch Ready-Mix Concrete trading name and brand also remained in place.
HW Richardson Group Ltd has a diverse portfolio, which includes transport, concrete, energy, quarrying and contracting in New Zealand and Australia.
HWR says the acquisition presents a unique opportunity to strengthen customer service across all customer bases and to build on the proud traditions and achievements of CRMC.
"HWR is committed to maintaining the high standards of service, quality, health and safety that both companies are known for," the Facebook post said.
- Robyn Bristow
