Dick Smith’s independent success begins a new chapter after Anchorage Capital Partners and Management, led by Nick Abboud, completed a release from the financial obligations to its former partner; Woolworths.
The technology retailer, with 323 stores across ANZ, says the buyout coincides with the Phase 1 completion of company’s turnaround initiative.
Since the takeover from Woolworths in 2012, Dick Smith has put in place a stragey to increase operational efficiency, profit margins and growth.
"This is a very exciting day for Dick Smith - one that we have been working towards since Anchorage first came on board," says Nick Abboud, CEO, Dick Smith ANZ.
"The Dick Smith business is in a strong financial position with cash in the bank and no net debt.
"Based on Dick Smith’s performance over the last six months we are confident the business will continue to experience positive growth and performance as a major player in the Australian consumer electronics industry.”
Australian supermarket operator Woolworths sold the consumer electronics chain for A$20 million to private equity firm Anchorage Capital Partners in September last year.
At the time of the sale, the Sydney-based retailer, which employs over 4,000 staff, expected to complete the deal in 2012, and receive initial cash proceeds in the 2013 financial year with possible earn-outs from the future sale of the chain.
“Dick Smith is committed to helping consumers get the most out of their technology and that starts in store," Abboud continues.
"In the coming months we will be announcing a number of exciting initiatives that will see major changes to customers’ retail experience and an expansion of Dick Smith’s footprint throughout Australia and New Zealand.”