by The Landlord
Bayleys says the programme which will see the company significantly increase the scope and scale of its operations throughout New Zealand.
It will be based around increasing scope and depth of agency, particularly in the realms of property management, valuations and advisory, and funds management.
Bayley Corporation managing director Mike Bayley said this expansion had already commenced - both with the growth of the company's valuations team in Wellington, and increasing turnover from the firm's steadily developing commercial property management group.
Direct Capital managing director Ross George will join the board.
Bayley says the company will remain largely owned by his family interests.
"I stress that the majority interests of Bayley Corporation Ltd will remain within Bayley family ownership."
George says Direct Capital was attracted to Bayleys because of its; profitable operating track record over a lengthy timeframe; its strong professional management - from director level through to franchise owners, and front-line managers and its long-term and sustainable competitive advantages which Bayleys enjoys over its competitors, and the resulting growth opportunities from this market dominance.
In recent years, Direct Capital has invested in such companies as New Zealand King Salmon, Rodd & Gunn, Ezi Buy, Ryman Healthcare, and Max Fashions.
Direct Capital has been investing in private companies since 1994. Its investors over that time have included such institutional investors as the New Zealand Superannuation Fund, AMP, AXA, and large pension funds and community trusts.
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