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Rangatira takes stake in Magritek

New Zealand private equity investor Rangatira has acquired a 12 per cent stake in benchtop NMR and MRI specialist Magritek for a non-disclosed sum.

 
The transaction will strengthen Magritek’s balance sheet and enable the company to make a significant investment in its offshore sales and marketing following the launch of its new Spinsolve Benchtop NMR spectrometer earlier this year.
 
Magritek chief executive Dr Andrew Coy says: "Spinsolve has met with a very encouraging market response particularly from chemists in academia and industries including pharmaceuticals, food, polymers and petrochemicals. Spinsolve is a unique offering in that it provides the market with fast, accurate NMR analysis of liquid samples in a convenient package at a very competitive price. The academic community was the early adopter with initial sales to universities in Australia, Europe and the USA. More recently, we have attracted strong interest from industry customers who appreciate the instrument’s unique benefits for reaction monitoring and quality control with its ability to deliver superb spectra in seconds.
 
"Rangatira provides the means to further commercialise our technology and capitalise on the interest in our powerful, portable MRI and NMR technology by investing in our sales and marketing, and to markedly increase the company’s scale and revenues."
 
As part of the transaction, Rangatira has entered into a conditional undertaking to provide further funds in a year’s time that would take its stake in Magritek to 18 per cent. Rangatira director, Sophie Haslem, will join the Magritek board.
 
Magritek produces a range of MRI and NMR products including the world’s only student-safe MRI teaching system the Terranova-MRI; the Kea compact spectrometer console; and its NMR Rock Core Analyzer product which provides hydrocarbon reservoir core analysis for the oil and gas sector. The company’s main markets are currently Europe and the US, each accounting for 40 per cent of the company’s revenues. The company is forecasting significant growth in Asia, particularly China and India, in the near future.
 
Rangatira’s chief executive Ian Frame (pictured) says: "Magritek is an outstanding New Zealand company. Its technology is underpinned and protected by world-class intellectual property, it’s well managed, and has a track record of being able to commercialise complicated technology, making it easier and more accessible to its customers. We also like to think that our investment will enable Magritek to help achieve founder Sir Paul Callaghan’s vision of creating a niche high-tech sector capable of transforming New Zealand’s culture and economy."

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