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Iconic Australian retailers join forces

Iconic Australian retailers join forces

Robert Pick

Two firms have advised on the full acquisition of The Good Guys by JB Hi-Fi.

Firms: Allens (Muir family, previous owners of The Good Guys); PwC Legal (JB Hi-Fi)

Deal: The Good Guys has been purchased by JB Hi-Fi.

Value: $870 million

Area: M&A

Key players: The team advising the Muir family was led by Allens corporate partners Robert Pick (pictured) and Jon Webster, with assistance from senior associate Georgie Korman, associate Jonathan Hoe, and lawyers Christopher O’Yang, Adam Percy and Nicholas Allingham.

Allens competition partner Ted Hill, competition associate Sophie Matthiesson, banking and finance partner Warwick Newell and banking and finance associate Tristan Kelly also advised on this transaction.

Deal significance: The Good Guys is a leading Australian specialty retailer of household appliances and consumer electronics products.

With annual sales of approximately $2 billion, The Good Guys has leading market positions in multiple categories including white goods, cooking, small kitchen appliances and home entertainment, and 101 stores across metropolitan and regional Australia.

The Good Guys has grown under the stewardship of the Muir family from a single store in suburban Melbourne in 1952 to the number one retailer in its core categories and one of the most successful retail brands in Australia.

Commenting on the deal, Allens corporate partner Robert Pick said:

“The Good Guys has a long and proud history as one of Australia's leading retail brands, renowned for its outstanding customer service and community giving.”

“The sale to JB Hi-Fi is the culmination of a dual-track process that saw The Good Guys pursue both a possible IPO and ASX listing at the same time as pursuing the trade sale.

“We have thoroughly enjoyed working with the Muir family and the highly experienced management team at The Good Guys on this significant milestone in the history of the business.”

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