Renaissance has continued its diversification strategy with the acquisition of private tertiary design college Natcoll.
The $6 million purchase follows that of Apple reseller chain Magnum Mac in June. Each will run as wholly owned subsidiaries.
“[The acquisition of Natcoll] provides diversification for the company, but in two market segments where we already have very strong ties - education and the creative industry,” Renaissance managing director Paul Johnston said in a statement.
Reseller News was unable to contact Johnston prior to deadline, however earlier this year he said he couldn’t understand why there was so much focus on speculation that Renaissance would lose the Apple agency, adding that the distributor had aggressive growth targets on behalf of the vendor.
However, the two acquisitions follow the addition of a number of new brands in the past year, as other examples of diversification. These brands include Canon, the Alarmfone security system, Bullguard anti-virus, NEC and Carbonite (read story on page 3).
Renaissance says the acquisition of Natcoll was set to be effective on 31 July, subject to regulatory approvals and due diligence.
Magnum Mac head Murray Wood (who remains director now it is a Renaissance subsidiary) is also a Natcoll shareholder, so the buyout requires shareholder approval under NZX rules.
Natcoll’s head office and one of its three campuses are in Christchurch. It was founded in 1997 and has 118 staff.