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

27 Jun '05

4 min read

The acquisition is anticipated to be earnings accretive for Brazin from year one. It is expected that the acquisition of Diva will have no impact on Brazin's previously advised growth strategies. Yoda Holdings Pty Limited (Yoda) which is controlled by Mr Brett Blundy is an existing Diva shareholder and it will hold the other 50% of DCK Australia's ordinary shares. A Diva executive holds a small number of non voting shares. Brazin has not purchased any Diva shares from Yoda.

From Completion the Diva shareholders will enter into a shareholders agreement that contains arm's length terms relating to the ongoing governance of Diva, Board appointments, restrictions on share transfers, non-competes and procedures to resolve disagreements or dead locks at Board level. These terms reflect the fact that Brazin and Yoda will both hold 50% of Diva's ordinary shares.

Brazin's CEO and Managing Director, Mr. Greg Milne, said that “this is an exciting opportunity for Brazin to build on its solid retail store base. The inclusion of Diva into the Brazin portfolio is consistent with our position of being the leading mall based, vertically integrated specialty retailer.

Diva is a strong business going through a hugely successful growth program that we expect will continue for at least the next two to three years. Diva has exceptional people, operations and customer satisfaction that fits perfectly into Brazin's customer base and culture. We welcome the Diva

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