Sale of Apex Good News for Councils

New Plymouth and South Taranaki district councils have sold their combined 100 per cent shareholding of engineering firm Apex Consultants.

The shares have been bought for a total of $5.5 million by leading engineering consultancy Duffill Watts, a subsidiary of Australian company Downer EDI.

New Plymouth District Council will receive $3.85 million for its 70 per cent stake in Apex while South Taranaki District Council will yield $1.65 million for its 30 per cent stake.

Mayor of New Plymouth District, Peter Tennent says: “We’ve sold our shareholding in Apex but effectively it is business as usual. Under new ownership, Apex will continue to provide top quality services and advice to NPDC and many other local government organisations across New Zealand.

“The sale was a solid commercial decision for us. The offer was there and we believe it’s a good time to sell. The new owner is a solid professional player which can only be good for Taranaki.”

NPDC’s $3.85 million will be used to reduce debt.

Mayor of South Taranaki District, Ross Dunlop says: “The decision to sell our share of Apex was the best one for our ratepayers. We received an excellent return and as part of the deal the new owners will retain the services and skills of its staff in our district.”