By Patrick Avenell
Shriro, the Australian distributor of Casio, Everdure and Binatone, has today announced it will be purchasing Hagemeyer Brands Australia. The sale is expected to be completed by the end of July.
Hagemeyer currently distributed the Omega, Blanco and De Dietrich cooking brands; the JVC, Polaroid and Magicbox consumer electronics brands; and the Omega Altise seasonal brand.
"We are strongly committed to expanding our business in Australia and New Zealand and this acquisition makes perfect sense as it brings together two companies with similar cultures, a rich heritage, both with strong and non-competing brands," said Shriro CEO Michael Westrup.
Current.com.au understands that upon the completion of this sale, HBA CEO Mark Bilton will leave the business. Hagemeyer is owned globally by Rexel.
“The parent company of Hagemeyer Brands Australia, today signed an agreement for the sale of the company to Shriro Australia, the Australian operations of a privately held sales and distribution business," Bilton said in a statement. "The closing of the transaction is expected to occur by the end of July under the satisfaction of some key conditions. All parties are committed to a smooth transition and continuity of service to Hagemeyer Brands Australia customers."
A 'business as usual' message for Hagemeyer's current retail customers has been delivered, with this sale not expected to have any influence on day-to-day operations in the short-to-medium term.