New Zealand Post sells Localist

2 April 2014

New Zealand Post Group has sold its subsidiary company Localist.

The business was purchased by a group led by Localist CEO Christine Domecq.

New Zealand Post Group CEO Brian Roche said the sale is a good outcome for New Zealand Post and Localist.

"Following New Zealand Post's announcement late last year of its future strategy, we are now strongly focused on core services and developing growth initiatives across our parcels, financial services and network businesses.

"The Localist business is no longer a part of that future strategy."

Mr Roche said Localist had entered a new phase.

"There have been encouraging signs of progress for Localist over the last 12 months and its new team is excited about its future direction."

New Zealand Post will work with Localist over the next two months to ensure an orderly transition of the business.

The company was sold for an undisclosed sum.