Investment company Guinness Peat Group (GPG) has sold its 33.6% stake in Tower for $NZ118.3 million ($105.26 million).

Tower Chairman Michael Stiassny says the shares were sold predominantly to institutional buyers, and he welcomes a wider range of investors.

“Clearly our new investors see value in our business and we look forward to engaging with them over the coming months.”

UK-domiciled GPG’s New Zealand directors include renowned investor Sir Ron Brierley.

The company has been selling assets for two years to return value to its shareholders and focus on its Coats thread and textile business.