Dunedin firm Scott Technology has sold its Wellington high-temperature superconducting business.
In an announcement to the NZX yesterday, Scott Technology said HTS-110 had been sold to a partnership comprised of New Zealand investment fund Booster Tahi LP, venture capital fund Matu and HTS-110 chief executive Donald Pooke.
Scott Technology signalled about 12 months ago its intention to sell the company as it moved to ‘‘right-sizing’’ the business.
Scott Technology bought a majority stake in HTS-110 in 2011 for $4.4million.
Scott Technology chief executive John Kippenberger said that as global demand for automation continued to grow, the key priority for Scott Technology was to remain focused and committed to core areas of proven expertise.
When contacted, Mr Kippenberger declined to give the sale price due to confidentially.
The decision to sell the company came out of Scott Technology’s strategic review, which identified that HTS-110 did not share synergies or growth opportunities with Scott Technology, Mr Kippenberger said.
He said HTS-110 was a small part of the overall Scott Technology Group and was run as an individual business.
Under the new limited partnership company, HTS-110 GP Ltd, Mr Pooke, who according to the companies office website has an 18% stake in the company, would remain as chief executive and staff will retain employment.
Booster managing director Allan Yeo said it was pleased to add HTS-110 to its portfolio and believed the investment was an opportunity for its investors.
The sale did not include a share purchase, the announcement said.
