THL advises that Action Manufacturing will purchase Transcold New Zealand for a purchase price of $5.4 million.

Transcold operates in the New Zealand transport refrigeration industry, providing refrigeration and tail lift solutions for truck and trailer vehicles. The business operates from premises in Auckland and Christchurch, supported by an extensive network of service agents throughout New Zealand.

Action Manufacturing chief executive officer Chris Devoy said Transcold will complement Action’s other brands, Fairfax and Freighter, and enable Action to provide customers a more complete solution from manufacturing to refrigeration and servicing.

The transaction is conditional on landlord and material contract counterparty consents and is expected to complete at the end of May 2023.

Action is part of NZX/ASX-listed Tourism Holdings (THL) group. In January last year, it announced a deal to purchase the New Zealand operations and assets of heavy vehicle trailer manufacturer MaxiTRANS from Australia Trailer Solutions Group NZ for around $5.7 million.