Dozens of jobs saved after local investors buy Candida's NZ manufacturing plant

Dozens of jobs are to be saved at an Auckland envelope manufacturer after a buyout deal was struck with local private equity firm Muri Capital.

The Australasian stationery company Candida announced earlier this year it was planning to close its North Shore plant and focus on its Australian operations, with the potential loss of around 57 jobs.

Candida was founded in Auckland and has been operating in New Zealand since 1976.

New Zealand-owned Muri Capital has announced it has completed a deal to buy the New Zealand assets of Candida and continue producing envelopes under that name.

Candida Australia will continue to operate separately across the Tasman.

Details of the purchase remain confidential.

Muri Capital director Guy Phillips said that, while not all, a good chunk - or dozens - of the manufacturing jobs that were to be lost from Candida's North Shore factory will be reinstated, while the machines making the envelopes will keep running.

Staff will be given permanent contracts and their original start dates with the company will also be honoured.

Phillips said there was a high skill level at Candida, and he was confident that, with that skill level, they could compete with importing models.

"When we take over on November 30, there'll be no pause in production. We're here to fill every order, with capacity to meet the needs of customers - especially with the Christmas season approaching."

Muri Capital already has some printing interests in New Zealand as the owner of Touchprint.

Phillips insisted his company remained optimistic about New Zealand manufacturing.

"We're proud to be 100 percent New Zealand-owned and operated and committed to investing in New Zealand manufacturing.

"We are a Living Wage employer, so Candida staff will be paid the same or better than their current wage."