The Marygold Companies, Inc. has announced that its New Zealand subsidiary, Gourmet Foods Limited, has entered into a definitive agreement to sell the assets of its Printstock Products Limited unit to TAG Investments Limited. The transaction is structured as an asset sale, with TAG agreeing to purchase substantially all personal property, plant equipment, office fixtures, inventory, and intangible assets of Printstock.
The purchase price is set at a minimum of NZ$2,450,000, which is approximately US$1,400,000. The final cash proceeds are to be determined at closing based on the actual value of stock in trade, as determined by a joint stock-take. The agreement stipulates that TAG will deposit NZ$245,000, equal to 10% of the purchase price, with Public Trust as a stakeholder. This deposit is to be credited toward the purchase price at closing and is subject to forfeiture to Printstock if TAG fails to settle under the agreement.
Closing of the transaction is expected to take place on November 20, 2026, at 8:30 a.m., subject to the satisfaction or waiver of customary conditions. These conditions include TAG’s due diligence and finance requirements, which must be satisfied within 20 working days, and the landlord’s written consent to the lease assignment, which must be obtained within 10 working days of those conditions being satisfied or waived.
The agreement includes a five-year post-closing restraint of trade in New Zealand. Under this clause, Printstock and its covenantors—Bryce Cole, David Neibert, and Nicholas Gerber—agree not to compete directly or indirectly with the Business. Notably, David Neibert and Nicholas Gerber are officers of The Marygold Companies.
The sale aligns with the company's corporate strategy to focus on its financial services sector. The Marygold Companies acquired Gourmet Foods in 2015 and subsequently acquired Printstock in 2020. Printstock is a digital printer of custom food packaging products for brands predominantly distributed in New Zealand. The company noted that Gourmet Foods is currently listed on the Consolidated Financial Statements as Discontinued Operations due to its status as an entity held for sale.
