Steel & Tube continues acquisition drive, buying Aquaduct NZ out of receivership

Mon, 24 Aug 2015

By Jonathan Underhill Steel & Tube Holdings, New Zealand's biggest steel distribution company, has continued its drive to grow through acquisitions, buying Aquaduct NZ out of receivership for about $8 million cash. Aquaduct was put into receivership in April after defaulting on its debt facilities with Westpac New Zealand, which was owed $4.97 million, according to a report by BDO's Stephen Tubbs. Steel & Tube itself is listed among creditors, owed $870, part of Aquaduct's total liabilities of $8.18 million. The receiver kept the busin...

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