Woolies sells Masters hardware business
Baker McKenzie has advised on the acquisition of Woolworths’ Masters hardware business.
Firm: Baker McKenzie (Home Investment Consortium); Undisclosed (Woolworths)
Deal: Home Investment Consortium has acquired the Masters hardware business from Woolworths.
Key players: Baker McKenzie head of Asia-Pacific capital markets group transaction David Holland led the transaction, with assistance from David Jones, Gabriella Plummer, Les Gray, Tatjana Giutronich and Katie Barnes.
Deal significance: According to a statement from Baker McKenzie, this transaction saw the firm act for the Home Investment Consortium, led by the firm’s client Aurrum, also comprising the Spotlight Group and Chemist Warehouse among others, in acquiring the Masters hardware business from Woolworths.
The Masters retail business has been wound down, leaving 42 Masters freehold sites and 19 leasehold sites, the firm said.
“We were delighted to act for our long-standing client Aurrum, as part of the Home Consortium, in acquiring the Masters hardware business,” said lead partner David Holland.
“This was a challenging and complex deal with many players and simultaneous moving parts.
“The future plans for the Masters’ sites are now able to take shape and offer consumers a completely new retail experience.”