Grocery wholesaler Metcash Ltd has paid $46.5 million to take complete ownership of hardware chain Mitre 10. Metcash has held a 50.1% stake in Mitre 10 for more than two years, and in June said it would take full control of the chain if Mitre 10’s financial performance in the year to June 30 met expectations. Sources: AAP, T&L News
Metcash said it had acquired the remaining 49.9 per cent stake in Mitre 10, which includes more than 400 Mitre 10 and True Value stores, plus distribution to another 400 non-branded independent hardware stories.
It is just over two years since Metcash acquired its initial 50.1% stake and in that time, the Mitre 10 Group has reorganised its operations and grown its network across Australia.
Metcash CEO Andrew Reitzer said he was delighted to have acquired the balance of Mitre 10.
“Mitre 10 has proven to be a highly strategic and value-adding business pillar for Metcash. The acquisition will provide an enhanced ability for Metcash to leverage its merchandising and brand management skills and logistics capability into the hardware sector.
“Mitre 10 is the last true independent hardware group. Metcash is pleased to stand behind their commitment to delivering ‘Mighty Helpful’ service to their customers by offering the best products and advice,” he said.
Metcash is also a distributor of groceries and liquor to independent retailers such as IGA, Franklins and Cellarbrations.
