Myer Holdings announced an agreement has been reached with its partners in Sass & Bide to acquire the remaining 35 percent of the shares in the business, taking ownership to 100%.
Myer Chief Executive Officer, Bernie Brookes, said double-digit sales and profit growth was achieved in the highly successful Sass & Bide business for FY2013.
“Since Myer acquired a 65 percent stake in the business in February 2011, Sass & Bide has delivered a consistently strong performance, growing sales by 45 percent and profit by 112 percent over the period. This has been an outstanding achievement,” said Mr Brookes.
“Sass & Bide is well placed to continue building on this strong platform and has an exciting pipeline of growth initiatives to deliver including new store openings and brand extensions into new categories.
“We enjoy a very positive relationship with Sass & Bide founders, Heidi Middleton and Sarah-Jane Clarke, as well as David Briskin and are pleased that they will remain involved in the business. Sass & Bide will retain its autonomy of management and most importantly, of design.
The process of valuation and settlement will be completed in coming weeks. The acquisition price is expected to be approximately $30 million and will be funded through existing facilities and cash flow.