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Meridian sells Right House subsidiary to Mark Group

posted Jul 1, 2011, 12:21 AM by ema-1 ema-1   [ updated Jul 1, 2011, 12:27 AM ]
"Today, Meridian Energy completed the sale of its Right House subsidiary to Mark Group, an international energy saving business with operations in the UK, Australia and North America. Right House gives Mark Group entry to New Zealand and represents a growth opportunity for the company.
Meridian established Right House three years ago recognising the opportunity for improved energy efficiency in the residential sector.
Andrew Robertson, Business Development General Manager at Meridian, says, “Meridian’s incubation of this model for New Zealand has reached a stage where growth of the business can be better driven by an international company with the same objectives. Meridian will continue to work with Mark Group for the benefit of our customers.”
Chris Brazendale, President, International Operations at Mark Group, says, “Starting in the UK as a regional company performing home insulation, we have grown to become an energy efficiency expert with a 1,500-strong workforce in 25 worldwide locations. The ‘whole house’ approach to energy saving has been at the core of the Right House business since day one meaning that the business is a wonderful fit with Mark Group.
“Right House matches our model for growth and we are looking forward to a very positive future with them on board.”
Following today’s announcement, all of Right House’s employees and operational bases will be retained and Hamish Sisson will remain as Chief Executive Officer. Commenting on the acquisition, Mr Sisson added, “We’re excited about joining Mark Group. Given the company’s clear success both in the UK and overseas, we believe this will present a great many opportunities for us and our associates in the future.”
Right House has operational bases in Auckland, Christchurch, Hamilton, Taupo and Wellington. It employs approximately 80 staff and has a sales forecast of over $20million NZD for the current financial year"