UPDATED AT END: Leading Australasian live production supplier Norwest Productions (now known as NW Group) has been sold and restructured in a deal worth $27 million.
The announcement reads: “NW Group management and Archer Growth completed a secondary buyout from AnaCacia in December 2015 following successful growth.”
The deal provided AnaCacia Capital with a successful exit after almost a decade holding around half of Norwest. In that time they guided Norwest through a series of acquisitions, including Mclean Audio Services, Cairellie, Oceania, and Spyglass in New Zealand.
Archer have allocated further capital for future acquisitions, and other avenues of organic growth that support its strategy of providing ‘full service’ audio lighting and video production solutions across Australasia. Which means they may acquire existing firm(s).
Existing staff shareholders have received 50% with the balance due when they resign.
UPDATE: Chair Chris Kennedy told CX that existing staff shareholders, of which he is still has largest holding, are happy and will remain at the helm. (G.M. Graeme Whitehouse and Chair Chris Kennedy, below)