Gough family sells Caterpillar dealership
Friday 16 Aug 2019The Gough family has sold Gough Group for NZ$211 million to a Malaysian company after a 90-year history in New Zealand owning the Caterpillar heavy machinery dealership.
The Gough family fortune is collectively valued at nearly NZ$400m but members have been split in recent years and been embroiled in a High Court battle for control over the family trusts that controlled the company.
Family members include property developers and investors Antony and Tracy who are brothers, and their nephew and son respectively, Jamie, who is a Christchurch City councillor.
Gough Group employs about 950 people across its network in more than 50 locations in Australia and New Zealand. Over the past year Gough Group grew its revenue by more than 18 per cent NZ$540m from higher sales sales for its Caterpillar and transport and materials handling businesses.
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