PF Olsen and Quayside Holdings (Quayside) are proud to announce Quayside has acquired 44% of PF Olsen, with the deal closing on 10 June 2022. Direct Capital is selling its shareholding after 11 years as a shareholder.
PF Olsen is a leading provider of independent professional forestry services and celebrated their 50th anniversary in 2021. Across NZ and Australia, PF Olsen manages 372,000 hectares of forest, harvesting 5.1 million m³ of logs each year as well as planting 14 million trees per annum. PF Olsen offers exceptional services to clients across the whole forestry value chain.
Quayside, as the investment arm of the Bay of Plenty Regional Council, focuses on commercial returns for their shareholder and the wider community; supporting impactful investments while investing responsibly for strong financial returns for generations to come.
Quayside’s Chief Investment Officer, Brendon Barnes, says “this transaction is the result of a thorough due diligence process. Quayside sees a number of compelling growth opportunities in the forestry sector and the investment in PF Olsen will be the catalyst for many of these. PF Olsen is a household name with a long legacy; we are excited to work alongside the strong management team to grow the company for the benefit of our community and NZ”.
“During Quayside’s due diligence phase we were impressed with their investment strategy and particularly how well it aligned with our strategy and growth aspirations. The partnership with Quayside will allow PF Olsen to maximise these opportunities and continue to provide an outstanding service for our clients”, Ross Larcombe, CEO PF Olsen. As a result of the investment by Quayside, PF Olsen will continue to focus on its key markets, customers and developing growth possibilities. There will also be further employment for the region, as well as opportunities for iwi and other community groups, with a strengthening of community relationships.
Of the deal, Quayside’s Chief Executive Officer, Scott Hamilton, states “The PF Olsen deal sits soundly within Quayside’s mandate and investment strategy, in an industry that is expecting significant growth, allowing us to meet our shareholder’s dividend requirements. PF Olsen is managed by a strong team of seasoned professionals with outstanding reputations and experience that are leading the organisation to its next stage of growth.”
Through their investment in PF Olsen, Quayside will appoint two Board Directors with complimentary skill sets to the PF Olsen Board.
As a result of the partnership between PF Olsen and Quayside, PF Olsen envisages a bright future for its clients and people. With net-zero carbon initiatives, forestry carbon will play an important role in meeting NZ’s emissions commitment now and into the future.