Auckland Envelope Maker Saved From Closure By Private Equity Deal

An Auckland-based envelope manufacturer founded in 1976 has been saved from closure by a last-minute acquisition deal from a local private equity firm named Muri Capital.

The Deal And Job Returns

Candida previously faced closure after receiving notice that its warehouse owner on Constellation Drive in Mairangi Bay intended to sell the property, putting about 57 jobs at risk. Director Raymond Goubitz had stated in August that rising costs and economic headwinds led to a proposal to wind up the New Zealand operations by November. However, Muri Capital stepped in with an undisclosed financial agreement to buy the company. Muri Capital director Guy Phillips confirmed that returning staff will be paid the same or better than their current wage as a living wage employer. While the previous company had started redundancies, Muri Capital is negotiating to re-employ as many workers as possible, honoring original start dates and offering permanent or fixed-term contracts to retain specialised skills.

Operations And Future Plans

Muri Capital officially takes over operations on November 30, 2026, with Phillips confirming there will be no pause in production to meet customer needs ahead of the Christmas season. Candida will continue to operate as its own independent business and brand alongside Muri Capital's other print business, Touchprint. Although some equipment had already been sent to the separate Australian branches in Melbourne and Sydney, the deal successfully saves relevant manufacturing equipment and restores jobs. Phillips noted that the new setup factors in current inflationary pressures through operational efficiency and high productivity.

Context

Private equity firms often acquire distressed or struggling businesses to restructure them for long-term viability and operational efficiency. This rescue highlights the ongoing challenges local manufacturing companies face due to rising property costs and economic headwinds in New Zealand. Retaining local production capacity helps preserve specialized industry skills and supply chains within the domestic market.