HRV new ownership (company)

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#320358 4-Aug-2025 14:36

Seeing there have been many topics about HRV here in the past, I thought it would be interesting to share this I saw today on LinkedIn:

xciting news from HRV!

We’re proud to share that HRV has officially entered a bold new chapter with ownership now in the hands of our very own franchisees and management team.

This locally led management buyout marks a major milestone in our journey, bringing renewed energy, deeper connection to our customers, and a stronger commitment to helping Kiwis create healthier homes.

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#3399919 4-Aug-2025 15:11

So that means the end of inflated prices (the "HRV tax") and predatory/pressure sales tactics?

Lazy is such an ugly word, I prefer to call it selective participation

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#3399923 4-Aug-2025 15:18

scuwp:

So that means the end of inflated prices (the "HRV tax") and predatory/pressure sales tactics?

Nice one.

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#3399940 4-Aug-2025 16:18

Main shareholder (Vector- Yes that Vector) basically wanted it gone..

"Vector (NZX:VCT) announces it has agreed to sell its HRV business to a consortium of current franchisees and management.

The sale, which was completed today, followed a competitive process with the sale price of $2.5 million which is below our materiality threshold.

We acquired the business, which provides ventilation, heat pumps/air conditioners, water filtration and home electric vehicle charging, in 2017. We wrote off the goodwill associated with this investment in 2019. HRV has struggled to achieve its performance targets and needs a significant turnaround. We believe this is a positive outcome for HRV and Vector as we focus on our core business.

We would like to thank HRV staff and management for their commitment and hard work for HRV customers. We wish them and the new owners all the best for the future as they take over a much-loved Kiwi brand.

ENDS

https://www.vector.co.nz/news/vector-announces-sale-of-hrv

kiwifidget

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#3399942 4-Aug-2025 16:22

scuwp:

So that means the end of inflated prices (the "HRV tax") and predatory/pressure sales tactics?

Tui billboard??

Delete cookies?! Are you insane?!

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#3399943 4-Aug-2025 16:24

wellygary:

Main shareholder (Vector- Yes that Vector) basically wanted it gone..

"Vector (NZX:VCT) announces it has agreed to sell its HRV business to a consortium of current franchisees and management.

The sale, which was completed today, followed a competitive process with the sale price of $2.5 million which is below our materiality threshold.

We acquired the business, which provides ventilation, heat pumps/air conditioners, water filtration and home electric vehicle charging, in 2017. We wrote off the goodwill associated with this investment in 2019. HRV has struggled to achieve its performance targets and needs a significant turnaround. We believe this is a positive outcome for HRV and Vector as we focus on our core business.

We would like to thank HRV staff and management for their commitment and hard work for HRV customers. We wish them and the new owners all the best for the future as they take over a much-loved Kiwi brand.

ENDS

https://www.vector.co.nz/news/vector-announces-sale-of-hrv

Lines companies are all looking for unregulated investments to make higher returns. Horizon Networks ( the lines company in the eastern BOP) owns Aquaheat, the largest commercial HVAC contractor in NZ as well as a few other contractors.

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#3399948 4-Aug-2025 16:44

Handle9:

Lines companies are all looking for unregulated investments to make higher returns. Horizon Networks ( the lines company in the eastern BOP) owns Aquaheat, the largest commercial HVAC contractor in NZ as well as a few other contractors.

Yeah, in 2009 the Malborough lines company sunk $$$ and bought Yelands wines, no one could really work out how they were supposed to "add value" to the equation, and now its losing money and really looking like a dog with fleas...

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#3399949 4-Aug-2025 16:58

wellygary:

The sale, which was completed today, followed a competitive process with the sale price of $2.5 million which is below our materiality threshold.

Ouch! I can't see exactly what they paid for HRV, but I get the impression it was substantially more than the price. At least 10x more.

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lxsw20

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#3399955 4-Aug-2025 18:00

I think one of the stupidest things i ever did was giving them my details at a home show.

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#3399968 4-Aug-2025 19:10

I would have thought HRV’s “goodwill” would have negative value. I had one experience with a pushy BS salesman about 20 years ago and would never buy anything from them.

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#3400083 5-Aug-2025 06:29

Dynamic:

wellygary:

The sale, which was completed today, followed a competitive process with the sale price of $2.5 million which is below our materiality threshold.

Ouch! I can't see exactly what they paid for HRV, but I get the impression it was substantially more than the price. At least 10x more.

$91m!!!!!

https://www.scoop.co.nz/stories/BU1908/S00663/vector-profit-slides-44-on-struggling-hrv-writedown.htm

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#3400092 5-Aug-2025 08:41

wellygary:

... We wish them and the new owners all the best for the future as they take over a much-loved Kiwi brand.

...

I guess when writing a press release you can't really state that they're a much-maligned Kiwi brand....

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wellygary

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#3400101 5-Aug-2025 09:38

nickb800:

$91m!!!!!

https://www.scoop.co.nz/stories/BU1908/S00663/vector-profit-slides-44-on-struggling-hrv-writedown.htm

the $91 million included powersmart solar, which appears to have been a reasonable investment.

But E-Co (HRV) was a total dog,

from 2017
"On the date of acquisition, Vector repaid $15.4 million of E-Co Products’ liabilities. The repayment was treated as a separate transaction"

and from that Press release
"it today wrote down the value of HRV by $46.6 million due to the unit's underperformance."

So it cost them (aka Auckland power consumers- who own 75% Vector through EnTrust) at least $60 million..... thanks guys...

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#3400108 5-Aug-2025 09:59

wellygary:

So it cost them (aka Auckland power consumers- who own 75% Vector through EnTrust) at least $60 million..... thanks guys...

Wow. That sounds to me like someone did not do their homework. Potentially to the level of a serious breach of their responsibilities.

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#3400116 5-Aug-2025 10:50

No mention of all the redundancies at HRV due to this transaction...

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#3400118 5-Aug-2025 11:00

Handle9:

wellygary:

Main shareholder (Vector- Yes that Vector) basically wanted it gone..

"Vector (NZX:VCT) announces it has agreed to sell its HRV business to a consortium of current franchisees and management.

The sale, which was completed today, followed a competitive process with the sale price of $2.5 million which is below our materiality threshold.

We acquired the business, which provides ventilation, heat pumps/air conditioners, water filtration and home electric vehicle charging, in 2017. We wrote off the goodwill associated with this investment in 2019. HRV has struggled to achieve its performance targets and needs a significant turnaround. We believe this is a positive outcome for HRV and Vector as we focus on our core business.

We would like to thank HRV staff and management for their commitment and hard work for HRV customers. We wish them and the new owners all the best for the future as they take over a much-loved Kiwi brand.

ENDS

https://www.vector.co.nz/news/vector-announces-sale-of-hrv

Lines companies are all looking for unregulated investments to make higher returns. Horizon Networks ( the lines company in the eastern BOP) owns Aquaheat, the largest commercial HVAC contractor in NZ as well as a few other contractors.

Why do they need to do this? Just run your lines company, ensure reliable supply and slowly underground overhead services... I wonder how the Entrust people we vote for think of this.

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