24 Nov 2015

Investment firm increases stake in Hellers

2:57 pm on 24 November 2015

Investment firm Rangatira has increased its stake in small goods manufacturer Hellers.

Rangatira chief executive, Phil Veal.

Rangatira chief executive, Phil Veal. Photo: RNZ/Jonathan Mitchell

Rangatira has increased its 50 per cent stake in the 30-year-old firm, which it bought in 2003, to 62.5 per cent.

The price has not been disclosed.

Founder Todd Heller has retained his stake, but Christchurch businessman Nick Harris has sold down his interests.

Rangatira chief executive Phil Veal said it wanted to expand Hellers.

"It's not our intent to sell. Our intent is to develop the business and work with our co-investors and Todd (Heller), to continue to grow the business," he said.

Rangatira also has stakes in theme park Rainbow's End, Tuatara Brewery and Polynesian Spa.