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Home / Knowledge / News / Fashion / Brazin buys out 50% of DCK's Diva, fashion accessory retailer

Brazin buys out 50% of DCK's Diva, fashion accessory retailer

27
Jun '05
Australian retail company Brazin Limited (BRZ) has entered into an agreement to purchase 50% of the ordinary shares of DCK Australia (which is also the holding company of DCK New Zealand) (Diva) from the UK associate company (DCK Concessions) and the founding executive of DCK Australia. Completion of the acquisition is expected to take place on 30 May 2005.

Diva is the leading retailer of women's fashion accessories, primarily jewellery, in Australia and New Zealand. Commencing operations in 2003, Diva currently operates 67 stores throughout Australia and New Zealand, and is expected to continue its aggressive store expansion program with an additional 17 stores committed to open before December 2005. Diva employs approximately 500 staff and has net assets of approximately $11.0 million, including cash at bank of approximately $7.5 million. Diva owns the registered Diva trademarks in Australia and New Zealand.

As part of the agreement, Ms. Colette Hayman, the founder, director and shareholder of Diva in Australia and New Zealand, has signed a 15 month employment agreement with Diva. DCK Concessions has contracted to continue supplying product designs to Diva and to facilitate ongoing manufacture of products.

The purchase price is $50.3 million (subject to adjustments referred to below) which will be funded by cash and drawing down on a debt facility which has been put in place by Brazin for the acquisition.

Diva's earnings pre amortisation of goodwill interest and tax (EBITA) for the 12 months to 30 June 2005 are expected to be approximately $16.0 million. Should Diva achieve EBITA of $23.5 million in the 12 months to 30 June 2006, a further deferred consideration amount of $6.8 million will be payable by Brazin.


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