Holeproof takes 80%

Press, 6 October 1987, Page 47

Holeproof takes 80%

Questar Corporation subsidiary, Holeproof Corporation, has announced the' acquisition of an 80 per cent holding in Australian company Emrik Sporting .Goods Pty, Ltd, and its subsidiary Consolidated Sporting Goods Pty, Ltd, from the Australian listed company Reil Corporation, for t an undisclosed sum. - The remaining 20- per cent is to be purchased by Emrik’s managing director, Russell Ekas. Holeproof’s ■ purchase (which is subject to the approval of the Federal Investment Review Board) is the first move in a long term growth and acquisition strategy in the broader textile area, a direct result of Questar Corporation’s purchase of

the company earlier this year, said Questar managing director, Keith Goodall. “We see our role in Holeproof as a very positive and practical one and this first acquisition will be followed by others in complementary areas.” The Emrik group market sporting goods and apparel under the brand names Emrik, Apollo, Ascot and Rolk. Product ranges include tennis and squash rackets, golf dubs, court and leisure shoes, sports and leisure apparel and sporting balls and accessories. The acquisition of Emrik will enable Holeproof to augment the ranges of sporting goods and accessories currently marketed in New Zealand through

its Le Coq Sportif network. I

“Emrik products will provide us with a middle market,' volume-oriented

range of sporting goods and accessories in New Zealand which will complement the existing ‘top of the market* Le Coq Sportif range,” said Holeproof managing director, Paul Byrnes.

“Emrik has established an excellent track record In Australia with brand leadership in the tennis and squash rackets markets. With the recent launch of a golf club range and planned expansion in shoes and apparel, Emrik is poised for growth and will add INZ2O million to Holeproof sales this year. “Emrik also has

excellent relationships with suppliers of sporting goods and textiles in Hong Kong and Taiwan which will be of great assistance to Holeproof in sourcing products offshore as New Zealand import licensing controls are progressively removed over the next year,” he said. Holeproof, which was returned to New Zealand ownership last year after 15 years of Australian ownership, manufactures and markets socks, underwear, apparel and household textiles. It is now a subsidiary of Questar Corporation, which is shortly to merge with Argus Corporation and Hobson Group to form a new leisure, sporting goods and property based group to be known as Argus Questar Corporation.