September 3, 2020

Raise your glass

Konvoy New Zealand has successfully completed the purchase of Red Kegs, a business which also operates in the keg rental market throughout New Zealand.  

Adam Trippe-Smith, managing director of Konvoy, describes the new business as a partnership and noted the Red Keg business would continue to be led by founders Andrew and Amanda Sharpe.

The deal had been conditional upon consent from the Overseas Investment Office under the recent Overseas Investment (Urgent Measures) Amendment Act 2020 (which requires OIO oversight for all transactions, regardless of value, involving an overseas person acquiring 25% or more of a NZ business). Settlement was not expected to occur until mid-September 2020, but OIO came through with their thumbs up in four working days (rather than the allocated 10 working days). This meant that Konvoy’s acquisition was able to be completed on Monday (31 August) as Auckland joined the rest of the country at Alert Level 2, a move that has been eagerly awaited by the hospitality industry.    

Konvoy NZ launched in New Zealand in March 2020 and we are thrilled to help them build up their NZ presence. The purchase of Red Kegs means that Konvoy (with the combined businesses) now has close to 200 customers across Australia and New Zealand.

Red Kegs was advised by Avid Legal (Wellington).

Link to press release below.

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