Pencarrow and AMP Capital Investors completed an MBO of Eastern Equities together with the founder and Chairman Peter Roebuck in 1999.

Since the MBO, Eastern Equities has transformed from a small conglomerate to a specialist transport firm. Eastern Equities now comprises the transport businesses of Rapid Roadfreighters and Farmers Transport.

Farmers Transport is a leading livestock transporter in New Zealand’s North Island and has a long and successful history of serving primary industry from a network of depots throughout the central and lower North Island.

Rapid Roadfreighters is one of New Zealand’s leading general freight transporters, serving a portfolio of clients with transportation, fulfilment and warehousing services. Rapid Roadfreighters arose from a recently completed merger of Roadfreighters with a complementary transport firm, Rapid Delivery.

Shawn Beck is a director of Eastern Equities.

Methven is one of New Zealand’s longest established tap and showerware suppliers. The company has built a reputation for excellence and innovation designing and manufacturing tapware and valves to meet the unique requirements of New Zealand water systems and to suit Kiwi homes and lifestyles.

In February 2001, Methven's senior management teamed up with Pencarrow and AMP Capital Investors to complete a management buyout of the company.

Methven listed on the New Zealand Stock Exchange in November 2004.

Today, Methven’s products are sold throughout Australia and New Zealand. In addition, Methven recently signed a licensing agreement with Vinsentin Ltd, Italy’s leading up-market showerware supplier, to license Methven’s proprietary “SatinJet” shower technology in Europe.

Richard Cutfield is a director of Methven.

Ace is New Zealand's largest independent rental car company and is situated at key holiday destinations throughout New Zealand.

The Company has operated in New Zealand since 1986 and in 2003 opened a branch in Brisbane. Ace supplies vehicles to the “free independent traveller” tourist segment and its business has expanded with the strong growth in this category of the tourism market.

The AMP Private Capital Fund invested in Ace in January 2004. Other shareholders include the managing director, the original founders and other management. Capital introduced by Pencarrow was used to fund the growth of the rental fleet in New Zealand and to expand the branch network in Queensland.

In 2005, Ace acquired a stake in 360 Discovery.

Rod Gethen is a director of Ace Rentals.

In April 2004 Pencarrow completed an MBI of Kawau Kat Cruises (since re-branded 360 Discovery), the owner and operator of four catamarans providing cruises to Kawau Island, Coromandel, Tiritiri Matangi Island, cruises and charters in the Auckland Harbour and the Whangaparoa to Auckland CBD commuter ferry run.

360 Discovery is well-positioned to provide water based activities to an increasing proportion of the tourists visiting Auckland. Initiatives such as the introduction of a service from Auckland to Coromandel and the DOC concession to transport visitors to Tiritiri Matangi, an increasingly popular eco-tourism destination, complement 360 Discovery's already good tourism product range.

In 2005, Ace Rentals acquired an interest in 360 Discovery, allowing 360 Discovery to leverage off Ace’s already well-established and strong sales, marketing and distribution networks.

Shawn Beck and Rod Gethen are directors of 360 Discovery.

In 2004 Pencarrow completed an MBI of Pacific Horizon, one of the leading campervan rental companies in New Zealand, with in-coming Managing Director, John Cooper, whose successful background in tourism made him well placed to step into the business. The previous owners retained a 25% stake in Pacific Horizon.

Pacific Horizon's target segment - free and independent travellers (FIT) - is expected to continue to grow over the medium term and has proven to be relatively immune to the one-off "shocks" that have impacted on other segments of the tourist industry. In addition, as the "baby boomers" reach retirement age (a main segment of the campervan market), use of campervans should continue to grow.

Pacific Horizon's market position is underpinned by a mix of high service standards, superior fleet configuration, competitive rates and New Zealand focus, all of which have made it the preferred brand and supplier with many of the key wholesale travel operators in Australia and throughout Europe.

Shawn Beck and Raina DeLillo are directors of Pacific Horizon.