JAT in Rs. 800 m deal to acquire New Zealand’s Mirotone

Mirotone facility, New Zealand

• 90-year-old global brand Mirotine is New Zealand’s no.1 industrial wood coating company 
• Founder and Managing Director Aelian Gunawardene describes deal as milestone defining chapter in JAT’s global journey

JAT Holdings PLC yesterday announced the acquisition of Mirotone (NZ) Ltd., the market leader in industrial wood coatings across New Zealand and a globally respected coatings brand established in 1935. 

The total transaction, comprising the purchase consideration and committed reinvestment for growth, represents a strategic investment exceeding 4 million Australian dollars (about Rs. 800.7 million). 

This includes an acquisition value of 2.5 million Australian dollars for 100% ownership of Mirotone (NZ) Ltd. and an additional 1.5 million Australian dollars for working capital infusion, modernisation of manufacturing operations in New Zealand, and the re-launch of Mirotone’s legacy brand in the Australian market.

The acquisition of Mirotone gives JAT not only a powerful brand but also a passport to the world, with immediate reach across Australia and future access to markets in Europe and the Americas. 

With Mirotone’s nine-decade heritage of innovation, technical mastery, and international credibility, JAT now inherits a Company and brand that has supplied advanced wood finishing solutions to premium furniture manufacturers, cabinet makers, and industrial partners worldwide. 

The acquisition brings with it cutting-edge R&D capability, strong distribution networks, and a portfolio of trusted formulations, positioning JAT to accelerate global product development and scale manufacturing excellence across continents.

JAT Holdings Founder and Managing Director Aelian Gunawardene described the milestone as a defining chapter in JAT’s global journey: “The acquisition of Mirotone gives JAT not only a powerful brand but also a passport to the world, with immediate reach across Australia and future access to markets in Europe and the Americas”. 

“Over the past 30 years I have admired the Mirotone brand for its craftsmanship, enduring consistency, and the trust it has earned from generations of professionals around the world. For me, Mirotone has always represented authenticity, precision, and uncompromising quality, qualities that deeply resonate with JAT’s own philosophy,” he added. 

To now have the privilege of being the custodian of this remarkable legacy is both humbling and inspiring. This milestone marks a defining moment in JAT’s journey, the transformation from a regional leader into a truly global coatings company.” 

JAT Holdings Chief Executive Officer Nishal Ferdinando said: “This acquisition is a defining milestone for JAT. By integrating Mirotone’s global experience, advanced technology, and established brand equity, we are propelling ourselves into new international markets with sustainable, high-performance coating solutions”. 

“Mirotone’s presence in New Zealand and legacy in Australia form a strong launchpad, enabling JAT to compete at a global level and introduce our innovations to mature and emerging markets alike. Our goal is clear: to position JAT as a Sri Lankan multinational with a global manufacturing, innovation, and distribution footprint,” he added.

With operations already spanning South Asia and Africa, JAT’s entry into Australasia cements its emergence as a borderless coatings enterprise, one that blends Sri Lankan entrepreneurship with world-class technology, sustainability, and design. The acquisition of Mirotone signifies a pivotal move from regional leadership to global relevance, setting JAT on course to become one of the most dynamic coatings companies in the world.