By Charles Pauka
Further to its announcement in June, Metcash Limited has confirmed that it had acquired 100 per cent ownership of the Mitre 10 Group.
Metcash paid approximately $46.5 million to move from 50.1 per cent ownership to 100 per cent ownership.
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 added.
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.