1 Oct 2013

Australian battery company bought by Hellaby

11:33 am on 1 October 2013

Hellaby Holdings has bought an Australian battery wholesaler for about $A12 million.

The investment company says the purchase of Ryde Batteries of Sydney, which distributes automotive and special purpose batteries throughout Australia, will boost Hellaby's operating profit by about $3 million per year.

Managing director John Williamson said the purchase is in line with the company's stated intention of making bolt-on purchases to its existing investments.