Sourceware changes hands again - US firm to buy Sealcorp

Sourceware changes hands again - US firm to buy Sealcorp

With New Zealand-based Sealcorp's acquisition of distributor Sourceware still fresh in many people's minds, Brocker Investments, the company that owns Sealcorp, is about to be purchased by US Office Products for an estimated $NZ20 million, according to Brocker president Mike Ridgway.

Sealcorp general manager Richard McLean says the takeover by USOP, which is at the "Heads of Agreement" stage, but is expected to be finalised soon, will have little effect on Sealcorp's day-to-day operations. "I think in the short term, especially, you'll see very little difference," he said. "There are no plans to change our management or personnel structure and it's very much of a case of getting on with the business at hand."

Auckland-based Ridgway, who owns 70 per cent of Brocker, agrees with McLean. "It's actually kind of an interesting contrast. Brocker's acquisition strategy is to seek out smallish companies with a lot of potential and then bring them under our umbrella. That's been the case with Sourceware in Australia and PCS and Technicom in New Zealand," he said. "US Office Products, on the other hand, likes to purchase successful companies and then stand back and let them do what they do best. They tend to be very hands-off.

"We think we're going to be in a best-of-both-worlds scenario. We're going to have the vast financial resources of USOP behind us, but we'll be able to maintain the service focus of a smaller business," he said.

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