New Zealand's Pencarrow acquires Bell Tea & Coffee
Pencarrow Private Equity has bought Bell Tea & Coffee Company (BTCC), New Zealand’s oldest tea enterprise, from supermarket chain Foodstuffs. Accident Compensation Corporation (ACC) is coming in as a significant co-investor, while BTCC’s senior management team will also take a significant stake in the company.
The transaction value was not disclosed but Pencarrow typically targets companies with enterprise values ranging from NZ$20 million ($16.3 million) to NZ$100 million. The private equity firm will be the...
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