Deal pleases Stabicraft founder Adams

Southland boat builder Stabicraft Marine has sold 35.9% of its business to Simplicity, but founder and director Paul Adams will remain at the helm.

"We’re excited to have a New Zealand-owned private equity shareholder like Simplicity on board to continue the Stabicraft legacy," Mr Adams said in a statement.

"We’re really looking forward to building on our success," he said.

Simplicity NZ Ltd is a not-for-profit company 100% owned by the Simplicity Foundation Charitable Trust.

Managing director Sam Stubbs said the acquisition was the seventh investment for the private equity fund.

The fund liked to invest in successful, privately owned New Zealand businesses, and especially such an iconic South Island company like Stabicraft, he said.

"Like Simplicity, the people of Stabicraft live and breathe their brand, which has clearly translated into its success over the years."

Stabicraft chief executive Aaron Greene said Stabicraft was looking forward to growing its global footprint following the Covid-19 pandemic challenges.

In March, Stabicraft, which has factories in Invercargill, Auckland and the United States, announced multiple redundancies while it negotiated the choppy post-pandemic waters being experienced by the wider global marine industry.

 - By Toni McDonald