Monday, December 6, 2010

Retailer Blows Out The Candle

Our Most Favorite of Favorite Retailers Mr Brett Blundy  has sold the Dusk candle and homewares chain and the Adairs linen chain to private equity firm Catalyst for an undisclosed amount.

Update Dec 12: Credit where credit is due; to assume that any deal Mr Blundy and his team make is as simple as Sell Sell Sell is to belittle the deal makers, Mr Blundy and his team have a rather neat knack of putting longevity into what we mortals call a sale, well done team!

According to a report in the Australian Financial Review, Blundy and the management of the two chains – led by Adairs chief David MacLean and Dusk's chief Greg Milne – will retain a 20% stake in the chains, which will be placed in a new vehicle to be called Home & Decor Holdings.
Blundy, MacLean, Milne and Catalyst's managing director Trent Peterson will sit on the board of the new vehicle.
Blundy was listed on this year's BRW Rich 200. Mr Blundy is best known as the founder of the Sanity chain, Blundy has a formidable track record in retail as the owner of chain's such as Bras N Things, jewellery chain Lovisa and youth accessories chain Diva.
We suspect Mr Blundy is focusing on investments that require less footwork - property and the like. Not that we're implying retirement by any stretch. Mr Blundy is one of the most under-rated Highly Successful players in any Australian market. if your in candles or linen, we reckon your too late - that market just peaked.

picture via  fairfax digital

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