Waterman Holdings Limited ("Waterman") announced today that it had acquired a majority shareholding in group building company David Reid Homes Limited. David Reid Homes is the master franchisor for a national network of 27 residential home builders.

The David Reid Homes brand is synonymous with quality and the company positions itself at the upper end of the group builder market. The group won 37 awards at the Registered Master Builders 2006 House of the Year Awards, highlighting the strong capabilities of the franchise network.

Both locally and internationally there is a trend towards group builders and away from independent operators. David Reid Homes is well positioned to benefit from this trend as the building industry continues to consolidate.

Consumers are increasingly seeking certainty around the quality, pricing and timing of a residential building project. Well organised national players with strong brands such as David Reid Homes are in a strong position to benefit from this flight to certainty.

David Reid Homes was previously owned by three individuals, all of whom remain as shareholders of the company. If you have any questions regarding this media release please contact either Matt Riley or Chris Marshall on 09 362 0522.

For further information on David Reid Homes visit www.davidreidhomes.co.nz.

Or contact

Matt Riley or Chris Marshall
Executive Directors
Waterman Holdings Limited
+64 9 362 0522