The small investment company Just Life Group (JLG) is busy on the acquisition trail, buying its second business this week.
The company will buy the natural supplements firm About Health for $17 million, which will be funded through a capital raise and existing debt facilities from its banker.
Earlier this week, the business announced it was taking a 60 percent stake in the water tank supplier Designer Tanks and that it had appointed former olympian, Beatrice Faumuina, as its brand ambassador.
JLG owns a number of lifestyle and home building products businesses.
"The acquisition of About Health will accelerate the growth of the company and drive shareholder value," chief executive Tony Falkenstein said.
"The company's business was affected by Covid-19 and the aftermath of the lockdowns, but the resilience that the company displayed in response has laid a strong base for the future."
He said fears the pandemic would have a significant effect on its earnings have not materialised.
The BNZ would provide $15m in new debt facilities to help fund the acquisition, while it would raise $4.5m through a non-underwritten share issue to shareholders at 70 cents a share.
JLG would also use its current debt facilities with BNZ.
The company said it would continue to seek out new businesses to acquire that were in line with its strategy.