Less than 48 hours after confirming the impending arrival of Desmond Ling, Exeed has announced it's now 100% pure Kiwi – with chairman Tony Butler taking an ownership stake in the distributor last week.
Butler's investment comes with the departure of Australian co-founder, shareholder and director Michael Bosnar, who will resign from the board at the end of February.
Butler declined to comment on whether the deal included any capital injection for Exeed, which is believed to be New Zealand's second largest distributor following its acquisition last year of Renaissance.
Managing director Justin Tye and chief operating officer Andrew Bain have retained interests in the company and are continuing in their current roles. “It is our intention that Desmond, once he has departed Ingram Micro, also becomes an investor and beneficiary of the trust [which owns Exeed Ltd] equal with Justin and Andrew,” Butler says.
Butler, who founded Tech Pacific before selling it to Ingram Micro, says while he has no intention of being involved in the day to day running of Exeed he will 'certainly be involved on a week to week basis'.
“While I have other interests, mainly charity, this will be my main focus for the next three to four years at least.”
He says there are no plans for any radical changes to the company, which employs 55 staff and has around 1200 resellers, of whom 400-500 are active in any one month.
“We're very focused on having a business that is uniquely beneficial for the new Zealand reseller, we have a good growth strategy and the people to drive it.”
Butler says Exeed expects to close out this financial year, in June, at $160 million – up from $40 million four years ago. Some of the increase is attributed to the Renaissance acquisition.
The company has around 20 brands, including headliners Apple and HP.
“Apple has a very aggressive growth strategy and we intend to mirror that,” Butler says.
Exeed Holdings, previous owners of the distribution company, were placed into liquidaton on February 8, in what Butler says is administrative change with no creditors impacted. “There were no creditors, it never traded and was only ever a holding vehicle.”