An airplane cabin, he laments, “is becoming like a home away from home.”
Arun Amarsi, 46, has been discovering the demands of nursing an ailing enterprise: BIL International, the successor to Brierley Investments. Once renowned for its high-profile Asian acquisitions and even higher-profile founder -- Sir Ron Brierley -- the New Zealand conglomerate overexpanded and was bailed out a decade ago by Kuala Lumpurbased asset investor Camerlin Group (prompting Sir Ron’s exit).
Three years ago Camerlin moved the renamed BIL to Singapore and not long afterward installed Amarsi, who’d been CFO of Electricity Corp. of New Zealand, to dispose of most of BIL’s jumble of holdings. At one point Brierley controlled Air New Zealand, held a large stake in Australian media giant Fairfax and had interests in construction, fisheries and resorts.
Last month Amarsi took London-based Thistle Hotels, one of BIL’s few remaining holdings, private in a £528 million ($864 million) deal. Board members felt the price was too low, pointing out that the chain had £350 million in cash. But the bid was launched at the start of the Iraqi war, when hotel shares were plummeting. “The best way to maximize value was to take Thistle private and see what we could do,” says Amarsi.
BIL shareholders like his style. The stock has tripled since last fall, and he has begun scouting investments. Once the restructuring is done, he may even get to pick up a tennis racket: “I am very passionate about this company,” he says, “but I love my sports.”
