New Zealand's Briscoe Group eager to make acquisitions

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According to a Briscoe Group executive, the company was eager to make substantial investments or even outright acquisitions. Analysts said the company wants to make use of their excess capital that may even grow to US$90 million by before the year ends.

Rod Duke, managing director of the New Zealand-based Briscoe Group, confirmed the numbers by saying that it was very probable that the firm would have excess capital of anywhere between $80 million and $90 million by the end the financial year. Rod Duke told media sources that the amount of money they already have as reserve could essentially pay for an acquisition of up to US$200 million. Rod Duke owns a 78% stake in Briscoe Group.

"We're very eager to make some substantial investments in existing or new businesses. We're sitting there keeping our powder dry. It has got to be accretive. For the amount of dollars I have got into this, I've got to get a fair return," he stated.

The retailer's last acquisition was when it bought the Living & Giving retail chain from Pacific Retail Group in 2006. Briscoe Group declined the chance to purchase the Noel Leeming Group from Gresham Private Equity, a buyout private equity firm. Last year, the Noel Leeming Group was acquired by another company.

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