Euro Corporation Holdings — steel reinforcing, concrete & rural construction supply
34.07% stake held by Maui Capital Indigo Fund; sole remaining investment in a fund being wound up
Maui Capital Indigo Fund is an FMC-reporting PE fund in formal wind-down: PwC signed the FY25 accounts on a realisation basis (explicitly not going concern), and Anarake Private Capital was appointed manager in June 2022 with a specific mandate to liquidate the investments and close the Fund. Only one investment remains — a 34.07% stake in Euro Corporation Holdings, an NZ steel-reinforcing, concrete and rural construction supplier (~$285m revenue FY24) — which the directors intend to sell as soon as practicable, with liquidation to follow. On reclassification to held-for-sale the stake was marked down from a $22.26m carrying value to an $8.66m fair value (5x–6x forecast EBIT). A mandated, motivated seller of a single sizeable asset.
| FY24 | FY25 | |
|---|---|---|
| Total comprehensive income/(loss) | 4.59 | (11.61) |
| Net change in fair value of investment (P&L) | (2.71) | (11.99) |
| Investment at fair value — FVTPL | 8.50 | 8.66 |
| Investment in associates (equity-accounted) | 21.80 | — |
| Cash | 3.16 | 3.42 |
| Net assets | 33.42 | 12.15 |
| Unrecognised tax losses | 21.18 | 21.46 |
| Auditor | PricewaterhouseCoopers (Auckland; engagement partner Lisa Crooke) |
| FY end | 31 March 2025 |
| Currency | NZ$ millions |
"The financial statements have been prepared on a realisation basis. During the year the Group disposed of the majority of remaining investments and distributed the proceeds received to investors. One investment remains which will be disposed of as soon as practicable with a formal liquidation process expected to commence soon after."
- Manager Anarake Private Capital Limited was appointed 9 Jun 2022 with a mandate to liquidate the Fund's investments and close it — the seller is contractually pointed at an exit
- Euro Corporation Holdings is the sole remaining asset (34.07%); ~$285m revenue and $22.5m operating profit in FY24, $118m revenue in the six months to the 1 Oct 2024 reclassification
- Reclassified to held-for-sale at $22.26m (group share of net assets) on 1 Oct 2024, then marked to $8.66m fair value at year-end (5x–6x forecast EBIT) — a ~$13.6m writedown on the stake
- FY25 fund result $(11.61m) vs FY24 +$4.59m, driven by an $(11.99m) net fair-value movement; net assets fell $33.42m → $12.15m as capital was returned to investors
- The FY24 FVTPL balance ($8.50m) was Freshmax Group Pty Ltd (AU, 27.3%), sold 24 Jan 2025; InZone Industries (19.8%) was also sold in FY25 — Euro Corp is what is left
- $21.46m of unrecognised tax losses sit in the structure — additional latent value for an acquirer of the vehicle
- Reported (BusinessDesk) that a previously announced buyer of Euro Corp backed out in November 2024 — external to the FS; the asset is back in play
- 9 Jun 2022Anarake Private Capital Limited appointed manager of the Fund, with a specific focus on liquidating investments and closing the Fund.
- 1 Oct 2024Euro Corporation Holdings reclassified from equity-accounted associate to a held-for-sale asset at fair value ($22.26m group share of net assets).
- Nov 2024A previously announced buyer of Euro Corporation Holdings reported (BusinessDesk) to have backed out.
- 24 Jan 2025Freshmax Group Pty Ltd (AU) sold — second-to-last investment realised, leaving Euro Corp as the only holding.
- 31 Mar 2025Balance date — Euro Corp fair value $8.66m; FS prepared on a realisation basis with liquidation to follow disposal.
- 29 Jul 2025FY25 financial statements signed; PwC Emphasis of Matter on the non-going-concern basis.