Archer Capital exits New Zealand tech company

The firm has agreed to sell its stake in Onesource Group and Leasing Solutions to Australian technology company GSG in a deal that values the businesses at NZ$132m.

Archer Capital is to exit its investment in New Zealand-based Onesource Group and Leasing Solutions, which it wholly acquired in a management buyout in September 2005 for NZ$150 million ($109 million; €74 million). It is unclear whether this is a full or partial exit for the Sydney-based firm.  

Australian technology company CSG intends to acquire Onesource Group and Leasing Solutions for NZ$107 million and NZ$25 million respectively, according to a CSG statement. The transaction is subject to approval by regulators and CSG shareholders, the statement noted.

Archer did not respond to requests for comment at press time.

Auckland-headquartered Onesource Group holds a 90 percent stake in Konica Minolta Business Solutions (KMBS), which has the exclusive rights to import, sell and service Konica Minolta multi-function devices throughout New Zealand. Leasing Solutions is KMBS’s exclusive finance provider. The remaining 10 percent stake in KMBS is held by Japanese equipment manufacturer Konica Minolta Business Technology.

Archer also seems to be preparing the exit of Ascendia Retail, another portfolio company. It has appointed Goldman Sachs, Bank of America/Merrill Lynch and UBS to advise on the listing of the sporting goods retailer, which local media reports have said could raise between A$800 million ($733 million; €498 million) and A$1 billion.

Archer makes small and mid-market leverage buyouts through two funds: Archer Capital Buyout Fund and Archer Capital Growth Fund. The buyout fund invests in companies in Australia and New Zealand with enterprise values of between A$100 million and A$1 billion. The growth fund invests in Australian companies with enterprise values of between A$20 million and A$100 million. The firm currently manages more than A$2.2 billion in assets.