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In 2023, after 18 years with SSS, entrepreneurs Ashton Jones and Bill Tonkin agreed to sell their IT company, specialized in cybersecurity, to Luke Taylor through his search fund, Acheron. Ashton stayed on for the following twelve months to ensure a smooth handover and continuity, and he remains connected to the business as a shareholder and a non-executive director.
Following this first SF acquisition in New Zealand, Ashton decided to pursue a similar path and founded Yellowtail Investments to search for another outstanding New Zealand business to acquire and grow. His search didn’t take long, and last month he successfully acquired NTD, a high-quality plastic injection moulder based in Napier. The business has been acquired from a group of private shareholders, including majority shareholder Oriens Capital. The terms of the transaction are undisclosed. The acquisition was financed through a combination of personal funds, bank debt (35%), a private investor (30%), and a small percentage under a 12-month deferred payment.
Founded in 1974 as Napier Tool & Die and now operating as NTD, the company offers end-to-end manufacturing capabilities, from product design and precision toolmaking to high-quality injection moulding and post-production. Serving industries around the globe, the business employs 30 staff and leverages its strategic location near both the port and airport to support efficient shipping and delivery of custom-moulded solutions for sectors including agritech and marine.
The main reasons driving this acquisition include NTD’s strong partnerships with companies such as Goodnature, Railblaza, and Fastmount, the excellent management team, and the company’s 50-year track record of successfully navigating various economic cycles, among other factors. Ashton Jones mentioned to us that he has his eye on a couple of other targets adjacent to NTD, which he will consider as bolt-on acquisitions.
DD: PKF Kendons / Legal: Criterion Law
