Two join Queen Bee

Press, 10 February 1986, Page 34

Two join Queen Bee

New Zealand Venture Capital Corporation, Ltd, has acquired for cash 30 per cent of New Zealand Queen Bee Holdings, Ltd, in a deal with DFC Ventures. The chief executive of NZVCC, Mr Stephen Judson, said the investment was in an industry which could have a “significant future.” “Because of Government regulations, enforced for many years, New Zealand-bred bees are free from all serious diseases. New Zealand has, therefore, a decided advantage as an exporter of bees to world markets,” he said. “This advantage is more significant today be-

cause of the spread throughout the American continent of bee parasites and the Africanised bee strain.”

DFC Ventures, the venture capital division of the Development Finance Corporation, will also hold 30 per cent, with the balance of the capital remaining with the family interests of the Aucklandbased Queen Bee’s founder and managing director, Mr Denis Watson. The DFC has provided financial and advisory assistance to the enterprise since early 1984. In October 1985 DFC Ventures played the major role in restructuring Queen Bee to enable it to

undertake an. ambitious programme f of growth, supported by DFC banking finance. Significant export orders were obtained in late 1985 and this has led to the rapid expansion of the company. Mr Stewart Brooks, Ventures consultant for DFC Ventures, said the; three-way shareholding would enable Queen Bee to develop its potential in the North American market. “We’re pleased NZVCC has joined forces with us in developing this com-, pany. The expertise of another Venture capital entrepreneur in this challenging market is most welcome,” he said.