With its fortune derived from a pulp and paper empire, the Spencer family continues to build its considerable empire with a range of savvy investments.
One of its most recent investments, through the family’s Windhaven Investments company, is with rideshare company Zoom. Before the family’s input Zoom appeared to be flatlining, if not faltering, but the Spencers saw something in it and bought a 90% stake. Since then it has gone from strength to strength; last December, it reported a startling 400% growth in revenue over the previous 24 months, with rides increasing by 620% over the same period. It also entered the Christchurch market, spreading its reach down from the North Island. They now have more than 3500 drivers in the country’s main centres.
The Spencers were busy earlier last year, too, this time through their Clime Group. Clime sold its CardLink Systems fuel card programme to NYSE-listed company FleetCor Technologies for an undisclosed although reportedly considerable sum. CardLink was set up in Auckland in 1984 and markets fuel cards to small and medium-sized businesses. It also offers processing and outsourcing services to oil companies and other partners.
Through Windhaven and Clime, the family also has investments in taxis, aged care and retirement living, vineyards, organic food and property.
Companies Office records appear to suggest that Berridge Spencer is behind much of the family’s current business activities. Berridge’s namesake grandfather was primarily responsible for the family fortune in the first place, building up the family’s Caxton Pulp & Paper business while Berridge Jr’s father, John, was New Zealand’s richest man for much of the 1980s. John suffered heavy losses in the 1987 stock market crash, although he still maintained a large amount of his wealth. He sold Caxton to Carter Holt Harvey a year later for an estimated $300 million.
John was well known for shying away from publicity. However, his tendency toward privacy ironically pushed him into the limelight as he waged a long (and ultimately unsuccessful) war to keep people off the Stony Batter gun emplacement on his Waiheke Island property. He died in the UK in 2016.
Berridge splits his time between Waiheke Island, where the family owns an 1820ha estate, Hong Kong and the UK. His sister Mertsi is a bed linen distributor and co-director of Man O’ War vineyard.
2018: $1 billion