Lloyds Corporate Brokers has completed the Sale of a highly successful and much sought-after National Online Retailer of Tradies Tools and Accessories, with two major bricks-and-mortar stores. The Sale was negotiated to the satisfaction of both parties by our Foundation Director, Rudy Weber.
Tools.com Announces Acquisition of Get Tools Direct, a Leading Independent Retailer of Tools and Services in Australia
MELBOURNE--(PRESS RELEASE) --Tools.com. ("Tools.com" or the "Company"), a technology- enabled provider of tools and services company that provides a suite of integrated product solutions focused on improving the management of Tradespersons tools around the world, today announced that the Company has completed the acquisition of Get Tools Direct, ("GTD"), an industry-leading independent retailer of tools and outdoor products Gettoolsdirect.com.au with locations in Caloundra and Maroochydore in Queensland Australia. Under the terms of the agreement, Tools.com will acquire 100 percent of the assets and trading of the business for an undisclosed purchase price.
The Company expects the impact of the acquisition to be immediately accretive to earnings. "The acquisition of Get Tools Direct brings us a national footprint in our core business of tools, accelerating our global strategy to build a holistic suite of products and services for tradespersons designed to address the requirements of the end-users, and deliver those products and services by the latest technology available," said Peter J Hosking, Director and Chief Executive Officer of Tools.com. "Moreover, by leveraging Get Tools Direct existing momentum with our data analytics and technology platform, we expect to bring a powerfully connected experience into the world of tool users globally. Lastly what better way to build the infrastructure of our multimillion-dollar app development than having Australia's largest independent tool retailer in our portfolio."
In summary, the transaction is expected to have the following strategic benefits:
Andrew Watson, Chief Executive Officer of Get Tools Direct commented, "We are excited to be joining forces with Tools.com. Our award-winning service offering will be highly complementary to Tools.com, and we believe it will have a significant positive impact on the end-users Tools.com targets."
Get Tools Direct operates 2 retail outlets but is widely regarded as one of the Top 5 Tool retailers in Australia with a significant physical store layout and online presence. Get Tools Direct provides its customers with a true Customer Experience service model that includes full warranty registration programs.
Get Tools Direct serves a diverse base of customers across all of Australia. Tools.com will maintain Get Tools Direct stores, and the stores will see an expansion of retail space, resources, and dedicated additional investments.
Lloyds Business Brokers, acting for GTD, negotiated the sale. The deal was handled to the satisfaction of all parties by experienced negotiator, Rudy Weber.
Collins House Advisory is serving as exclusive financial advisor to Tools.com and Robert Toth at Marsh & Maher Richmond Bennison and Kahns Lawyers is serving as Tools.com's legal advisors. Judo Bank provided the financing. Tools.com recently completed a significant Seed Equity Raise.
Tools.com Inc. ("Tools.com") is a technology-enabled bricks and mortar and online retailer of Tool Products and services company that provides a full suite of integrated retailing and financial solutions for tool users. We are a leading provider of technology developments in the tool industry. Tools.com also operates 2 other businesses in Australia that will allow the company to explore the synergies with its customers, Safety Headquarters Group of 23 stores and Safety Products Online store at www.Safetyhq.com.au which has 70,000 Safety Products Listed, and www.Autoelec.com.au an Automotive marketplace of Automotive products with 65,000 product listings. The cornerstone of the company is its global app that is in development which will change the world of tools forever. Combining leading developed technology with a deep rich engagement profile Tools.com is on its way and today's acquisition is just the beginning.
If you own a business in the online FMCG (Fast Moving Consumerable Goods) sector, talk to one of our specialists about how Lloyds Brokers can help your business expand, sell or raise capital. We have teams of Brokers in Melbourne, Brisbane, Gold Coast, Adelaide and Sydney.