Bunnings could be set to face a new force in hardware
The private equity firm under fire for transforming Dick Smith into a $520 million sharemarket sensation is hatching a plan to bring together Australia’s two biggest independent hardware chains to create a second force in Australia’s $46.7 billion home improvement sector.
It’s understood Anchorage Capital Partners has been talking to Mitre 10 owner Metcash, pitching a plan to combine the Mitre 10 network with Woolworths’ Home Timber & Hardware business to create a new player with the reach and buying power to compete with Bunnings.
Metcash has been talking to Woolworths about the Home chain from as far back as the middle of last year and it’s understood a number of major shareholders support its push to buy the chain and have indicated they would back a capital raising to fund the purchase. Sydney Morning Herald – Read more…
It’s understood Anchorage Capital Partners has been talking to Mitre 10 owner Metcash, pitching a plan to combine the Mitre 10 network with Woolworths’ Home Timber & Hardware business to create a new player with the reach and buying power to compete with Bunnings.
Metcash has been talking to Woolworths about the Home chain from as far back as the middle of last year and it’s understood a number of major shareholders support its push to buy the chain and have indicated they would back a capital raising to fund the purchase. Sydney Morning Herald – Read more…
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