New Zealand Police have recovered the bodies and wreckage of 2degrees CEO Eric Hertz and his wife Kathy.

Found 56 metres below the ocean off the coast of Raglan, rescue teams have been using navy ocean-mapping equipment to bring the plane back to the surface.

Following the news, the Hertz family, along with Kathy's Picone family, spoke of their relief:

"The recovery of Eric and Kathy, along with the wreckage of the aircraft is of immense relief to us all," it read.

"Knowing that they can rest together in peace and that we can say our farewells is of huge comfort at this time.

"By safely recovering the aircraft, despite such challenging conditions and without serious injury to those involved, the rescue authorities have made a huge contribution to us and the wider aviation community."

A private memorial service for Eric and Kathy will be held at AUT, Auckland, this coming Thursday, with the private event expected to attract heightened media attention.

"We can now look forward to one day understanding what happened," the families continued.

"Again, we would like to acknowledge the determination of these people in pursuing such a difficult recovery.

"We hope the community of New Zealand does not need the services of these extremely committed people, but can assure them that if they do then there is a remarkable team ready to act in such testing times."