Peter Maire buys 20% of NZ tech co. Rakon

Peter Maire buys 20% of NZ tech co. Rakon

Navman founder Peter Maire, and interests associated with him, has taken a 20% share in the rapidly growing Rakon Ltd, cementing a partnership that began more than a decade ago.

The privately-owned company is regarded as a world leader in manufacturing quartz crystals and oscillators used in telecommunications and more recently the company has specialised in frequency references for GPS receivers.

Rakon Managing Director Brent Robinson says the company has a long association with Peter Maire personally as well as through collaboration with Navman in product development.

“We feel that there is a natural fit with our GPS technology and Peter Maire’s acknowledged international expertise in this sector,” says Mr Robinson.

Mr Robinson says Peter Maire’s involvement at board level will be fundamental in helping move the company to the next level in its growth plans.

Rakon founder and majority shareholder Warren Robinson has sold 20% of his holding, whilst sons Darren (Rakon Marketing director) and Brent retain their existing holdings in the company. Brent Robinson says they are committed to the company’s growth and feel there is substantial room for expansion with the involvement of new investors.

Rakon was recently named the NZTE Supreme Exporter of the Year and Information and Communications Technology Exporter. The company exports around 95% of its production, notching up around $70m in export sales annually.

Rakon was founded by Warren Robinson in 1967 in his basement where he began to manufacture, by hand, quartz crystals for the New Zealand VHF and marine industry.

Today the company employs around 500 people in its Auckland headquarters at Mt Wellington and is recognised as one of the highest quality producers of high performance crystals and oscillators in the world.

Peter Maire’s investment partners include long-time colleague and former Navman board member Andrew Clements, who has co-invested alongside Maire‘s investment company Tahia Investments in listed eft-pos terminal company Cadmus, as well as in Orion software and Fusion audio.

The Rakon deal concludes investment discussions which commenced in July.

-ends-

© Scoop Media