John Danks & Son Pty Ltd will acquire a 60% share in the Hardings Hardware business with the option of a full acquisition by 2015. Source: Franchising
The acquisition will expand the trade-focused store footprint in South Australia and Queensland.
There are six stores in the acquisition: two in Melbourne, two in Brisbane, and one each in Geelong and Adelaide, and these will become Danks company owned outlets.
Danks is a wholly owned business of the home improvement joint venture between Woolworths and Lowe’s Companies, and includes Home Timber & Hardware, Thrifty-Link Hardware, and Plants Plus Garden Centres.
“As we have stated before, we intend to play an active role in the hardware and home improvement category, and through our hybrid model of independent stores and company stores we aim to deliver the best possible value, choice and service for our customers,” said Mark Burrowes, general manager of the Home Timber and Hardware Group.
“As a specialist trade-based supplier to the building industry, Hardings Hardware is an ideal fit with our strategic trade model. It offers a terrific opportunity to further develop the Danks store network and strengthen our trade presence in key markets.”
A joint venture board will oversee strategy and operations, headed up by Burrowes as chairman with board members including Greg Skene, CEO.
