Peninsula Credit lead-arranged a multimillion-dollar facility, refinanced Rodd & Gunn\u2019s existing bank debt, funded the buyout and supported growth in the UK, US and Canada, while supporting operations in New Zealand and Australia.<\/p>\n
\u201cA buyout and growth across several countries made this a complex deal and it needed more flexibility than a standard bank facility offers,\u201d Peninsula Credit managing director Andrew Pryde said.<\/p>\n
Kiwibank provided working capital.<\/p>\n
Beagley has led Rodd & Gunn since 2001.<\/p>\n
\u201cRodd & Gunn is a brand I care about deeply and I want it to be a brand all of New Zealand can be proud of as we continue to grow on the world stage,\u201d he said.<\/p>\n
\u201cThe shareholders who backed us over the years helped build the business into what it is today.<\/p>\n
\u201cOwning it outright means I can keep investing in the brand, and the team behind it, for the long term.\u201d<\/p>\n
Beagley said the buyout and growth plans for several countries made it a complex deal, requiring more flexibility than a standard bank facility.<\/p>\n
Peninsula Credit manages two funds with more than $145 million under management, with loans spanning horticulture, viticulture, renewable energy, infrastructure services, ecommerce, facilities services and retail.<\/p>\n
Rodd & Gunn has been going since 1946 but has been trading under its current name since 1987.<\/p>\n
It has more than 300 stores and concessions across 11 countries and sells online and through wholesale partners globally.<\/p>\n
\u201cWinona came in in 2015 to assist us with our expansion internationally, and we started in America in 2011, found it really tough going, and they came in and assisted us on that journey and helped a lot from a capital and expertise perspective,\u201d Beagley told the Herald.<\/p>\n
Every private equity fund has a timeline and its timeline was up, he said.<\/p>\n