Nick Scali Limited completed the acquisition of a 100% stake in Plush-Think Sofas Pty Ltd for approximately AUD 110 million.
November 31, 2021
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Nick Scali Limited (ASX:NCK) agreed to acquire 100% stake in Plush-Think Sofas Pty Ltd from Greenlit Brands Household Goods Pty Limited for approximately AUD 110 million on October 4, 2021. As per the term of consideration, Nick Scali Limited will pay a total cash consideration of AUD 103 million, subject to certain purchase price adjustments at completion. The Acquisition will be funded through a combination of $37.5 million of available cash reserves and $65 million corporate debt facility. The Acquisition is subject to closing conditions and expected to complete in the fourth quarter of 2021. Macquarie Capital (Australia) Limited is acting as financial adviser and Ashurst is acting as legal adviser to Nick Scali Limited. For the fiscal year ended March 31, 2021 Plush-Think Sofas Pty Ltd reported total revenue of AUD 160 million and EBITDA of AUD 27 million. The Acquisition is expected to be EPS accretive in the first full year of ownership excluding realisation of estimated synergies which will flow post integration.
Nick Scali Limited (ASX:NCK) completed the acquisition of a 100% stake in Plush-Think Sofas Pty Ltd from Greenlit Brands Household Goods Pty Limited for approximately AUD 110 million on November 1, 2021 .
Nick Scali Limited is a furniture retailer operating in Australia and New Zealand. The Company is engaged in the sourcing and retailing of household furniture and related accessories. Its sofas and armchairs collection include recliner sofa collections, leather sofa collections, fabric sofa collections, occasional armchairs, and others. Its living room collections include TV and entertainment units, coffee tables, side tables, console and hallway tables, and others. Its dining room collections include dining tables, dining chairs, and buffet tables and sideboards. Its bedroom collections include mattresses, bedframes, bedside tables, and dressers, among others. Its rugs and accessories collections include rugs and mirrors. It imports more than 5,000 containers of leather and fabric lounges as well as dining room and occasional furniture. The Company has stores located in New South Wales, Queensland, Victoria, Tasmania, South Australia, Western Australia, and others.