Graeme Hart - Wikipedia Graeme Hart Graeme Hart Graeme Richard Hart 1955 New Zealand Residence Auckland, New Zealand Nationality New Zealander Education Mount Roskill Grammar School, Auckland, New Zealand Alma mater M.B.A., University of Otago, Otago, New Zealand Occupation Investor, Director Years active 1985 - present Net worth US $8.1 billion ( June 2015 ) Spouse ( s ) Robyn Jessie Hart ( married ) Children Gretchen Hawkesby Harry Hart Website Rank Group Reynolds Group Holdings Graeme Richard Hart ( born 1955 ) is a New Zealand businessman and the richest person in New Zealand. He prefers to stay out of the general media and makes few public appearances. Much like other leveraged buyout ( LBO ) private equity investors, Hart has a preference for buying underperforming and undervalued companies with steady cash flows which can be turned around through strong cash management, cost - cutting and restructuring with other businesses. Since his 2006 purchase of Carter Holt Harvey he has focused his acquisitions on the paper packaging sector. His largest acquisition to - date was for Alcoa 's Packaging & Consumer group in 2008 for US $2.7 bn, later renamed Reynolds Packaging Group. He does not directly manage his businesses, and is focused mostly on the financing related to re-capitalization of the companies. Unlike other LBO investors however, Hart is not a believer of sharing the returns of the company, and does not allow any member of the board to get any share in the equity of the businesses. In this manner, he ensures that the risk and the substantial rewards of an LBO investment remain solely with him. Forbes stated that Hart was the 178th richest person in the world as of March 2016. Contents 1 Current interests 1.1 Rank Group 1.2 Burns Philp 1.3 Carter Holt Harvey 1.4 Reynolds Packaging Group 2 Early years 3 Personal life 4 References 5 External links Current interests Rank Group Rank Group Ltd is Graeme Hart 's private investment company. It is the 100 % owner of Reynolds Consumer Products, Burns Philp and Carter Holt Harvey. Rank had assets of approximately NZ $3 bn in cash after selling the assets of Burns Philp and floating Goodman Fielder in 2004. In December 2006 he agreed to purchase International Paper 's drinks packaging business Evergreen Packaging for NZ $725 million. In May 2007 he bought Swiss packaging company SIG for NZ $3.2 bn. The SIG division Combibloc is the second largest food and drink carton packaging company in the world after Swedish giant Tetra Laval. In August 2007 Hart completed his US $450 M purchase of US paper packaging company Blue Ridge Paper Products of North Carolina which he intends to merge with Evergreen Packaging of Arkansas. These acquisitions make Rank Group the world 's second biggest player in the paper products business. In March 2015 Reynolds Group Holdings completed the sale of SIG to Onex Corporation. Hart 's `` company vehicle '' is a Gulfstream G650, registered N946JB. Burns Philp Burns Philp and Company Limited was an Australian and New Zealand food manufacturing company dual listed on the ASX and NZX. Hart has been the chairman since September 2004 and a member of the board of directors since September 1997. In 2003 Burns Philp performed a A $2.4 bn hostile takeover of the much larger food group Goodman Fielder before relisting it through an IPO. Following the sale of its yeast and spices business to UK firm Associated British Foods, Uncle Toby 's to Nestle for NZ $1.1 bn and Bluebird Foods to PepsiCo for NZ $245 M the company became largely a cashed up shell. In December 2006, Hart completed a A $1.6 bn takeover of the 42 per cent of Burns Philp he did not already own. After the successful takeover Burns Philp was delisted from the ASX and NZX. The deal gave him total control of A $2.9 bn of Burns Philp cash, net of debt, which he could then use to further build on his Carter Holt Harvey empire. Hart sold Burn Philp 's 20 % stake in Goodman Fielder for NZ $675.8 M in October 2007. Carter Holt Harvey In 2006 Hart paid NZ $3.3 bn for Carter Holt Harvey ( CHH ), a New Zealand timber and paper business. Soon after completing the purchase he began restructuring the struggling company starting with the sale of CHH 's forests to US - based Hancock Timber Group for up to NZ $2 bn. Hart has also sold CHH 's head office property, various sawmills and packaging plants for over NZ $300 M. In 2007 he announced the sale of CHH 's building supplies business which some estimate could fetch NZ $2.3 bn, but was unsuccessful in the selling of it. Hart had also been seeking a purchaser for the packaging side of CHH since October 2010. In April 2014, CHH announced the sale of its Pulp, Paper & Packaging business to a Japanese consortium for NZ $1.037 bn, with the deal closing in the 2nd half of 2014. Reynolds packaging Group In 2008 Hart paid US $2.7 bn for Alcoa ( AA ) Packaging & Consumer group. He spun off the company and renamed it Reynolds Packaging Group, which is now headquartered in Lake Forest, Illinois, USA. While this business is within the packaging industry, it is not paper packaging related, being mostly in the aluminium foil and plastic closure business. Since the purchase from Alcoa, Hart has cut more than 20 % of the workforce within Reynolds, mostly through plant shutdowns, including the flagship Reynolds Wrap Foil Plant in Richmond, Virginia and restructuring efforts. This has resulted in significant savings and profit margin jump for the company, allowing him to issue more debt on behalf of the company in October 2009 and get a high return on his initial investment. In November 2009 and May 2010, Hart, through additional debt financing has combined the packaging groups he owns into Reynolds Group Holdings Limited. RGHL is the combination of four operating segments : SIG ( a beverage packaging manufacturer headquartered in Zurich ), Closure Systems International ( a plastic bottle cap manufacturer headquartered in Indianapolis ), Evergreen Packaging ( a beverage packaging manufacturer headquartered in Memphis ), and Reynolds Consumer Products ( an aluminium foil and other packaging materials manufacturer ) located in Lake Forest, Illinois. While the operations are spread around the world, the RGHL corporate headquarters are located in the same office building as Reynolds Consumer Products in Lake Forest, Illinois. On June 17, 2011, Reynolds Group Holdings announced its intention to acquire all of the outstanding stock of Graham Packaging Company, Inc, headquartered in York, PA. The acquisition was completed on September 8, 2011 for $25.50 per share ( in cash ), for a total enterprise value, including net debt, of approximately USD $4.5 B. This acquisition increased Rank 's growing profile in the US. Earlier in 2011, it agreed to buy the automotive consumer business of Honeywell International ( the FRAM group ) for $950 M USD. In March 2015 Reynolds Group Holdings completed the sale of SIG to Onex Corporation. ( 8 ) Early years Hart worked as a tow - truck driver and as a panel beater after leaving school at 16. In 1987, Hart completed an MBA from the University of Otago. His research thesis outlines the strategy for Rank, then a small hire company, to evolve into a major corporation. This strategy relies on using the cash flow of well - performing companies to fund debt, which as it gets paid off, increases the equity value of the initial investors, a.k.a. leveraged buyouts. Hart gained a big break when he purchased the Government Printing Office for less than its capital value in 1990. The purchase was 1.4 x earnings and Hart was provided generous payment terms. Then New Zealand Prime Minister David Lange initially refused to sign off on the transaction. The following year he bought Whitcoulls Group which at that time included a retail chain of bookstores as well as office and stationery concerns. He has since sold off these interests. Personal life Graeme Hart has residences in Auckland and on Waiheke Island in New Zealand. He attended Mount Roskill Grammar School. Hart says he lacks interest in making money for its own sake. He describes his personal wealth as a `` by - product '' of what he does. While he prefers to keep a low profile in the general media he was notable for the launch of his 58 m luxury motor yacht Ulysses at Auckland 's Viaduct Harbour in January 2006. The yacht is valued at nearly $100 M and took five years to complete due to being gutted by a fire during refit by a New Orleans shipyard. In 2012 it was put up for sale for $49 - million. ( these details are out of date ) Hart has a new yacht under building at Kleven Verft ( nn ) in the community of Ulstein in Norway. The yard specialises in off - shore vessels and the 107 - meter long yacht is constructed to sail under rough conditions, equipped with helicopter deck, hangar and accommodation for 60 persons. Hart 's latest 107 - metre `` expedition yacht, '' named Ulysses, was completed and eventually launched on 3 September 2014, in Ulsteinvik, north of Oslo, at the Kleven Verft shipyard. References ^ Jump up to : Forbes The World 's Billionaires # 180 Graeme Hart, Forbes.com - retrieved 12 June 2015. ^ Jump up to : Twelve Questions : Gretchen Hawkesby NZHERALD.co.nz - retrieved 12 June 2015 Jump up ^ National Business Review New Zealand 2014 Rich List - The Top 10 Richest NBR.co.nz - retrieved 12 June 2015 Jump up ^ Rank Group completed buy of Alcoa 's packaging biz Jump up ^ G + M 16 Dec 2013 `` Novelis sale to Reynolds could lead to job cuts '' Jump up ^ National Business Review 2007 Rich List ^ Jump up to : Hembry, Owen ( 20 October 2007 ). `` Goodman stake fetches $676 m ''. The New Zealand Herald. Reuters. Retrieved 1 October 2011. Jump up ^ http://www.reynoldsgroupholdings.com/Announcements/2015/13March2015PressRelease-SIGclosing.pdf Jump up ^ `` Richmond Foil Plant closes down ''. Jump up ^ http://www.reynoldsgroupholdings.com/Announcements/2011/08Sep2011_PressRelease.pdf Jump up ^ https://dealbook.nytimes.com/2011/06/17/graham-packaging-clinches-4-5-billion-sale/ Jump up ^ `` Investigation into the business and operations of Carlton Party Hire Limited '' Hart, Graeme Richard, MBA, University of Otago Jump up ^ Article from Norwegian business web site, date 31 August 2014 Jump up ^ Article from Norwegian business web site, date 15 March 2013 Jump up ^ Field, Michael ( 3 Sep 2014 ). `` Graeme Hart launches superyacht in Norway ''. Stuff.co.nz. Retrieved 2015 - 07 - 14. Jump up ^ `` Graeme Hart 's $78 m superyacht embarks on sea trial '' Stuff. Retrieved 2016 - 07 - 07. External links Carter Holt Harvey Reynolds Packaging Graeme Hart / Rank Group Burns Philp James Burns Robert Philp Carter Holt Harvey Francis Carter Robert Holt New Zealand Forest Products David Henry Henry Family of New Zealand Jack Henry Kinleith Mill Project Crimson Retrieved from `` https://en.wikipedia.org/w/index.php?title=Graeme_Hart&oldid=797776338 '' Categories : 1955 births Living people People educated at Mount Roskill Grammar School New Zealand businesspeople University of Otago alumni New Zealand billionaires Hidden categories : Use New Zealand English from June 2015 All Wikipedia articles written in New Zealand English Use dmy dates from September 2014 Pages using infobox person with unknown parameters Articles with hCards Interlanguage link template link number Talk Contents About Wikipedia Deutsch Edit links This page was last edited on 29 August 2017, at 03 : 26. Text is available under the Creative Commons Attribution - ShareAlike License ; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia ® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. About Wikipedia

Question: who is the richest man in new zealand
Answer: Graeme Richard Hart