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Noni B acquires Australian retail assets

Fashion retail group Noni B recently acquired five Australia loss making brands from Specialty Fashion Group for $31 million. The brands acquired by the company include Millers, Katies, Crossroads, Autograph and Rivers.

These businesses recorded earnings before interest tax depreciation and amortisation (EBITDA) losses of $6.2 million for 2017.

The acquisitions will make the company one of the largest specialist women's apparel retailers in Australia with more than 3,500 stores across nine brands including Noni B, Rockmans, W.Lane and BeMe with total annual sales predicted of around $1 billion.

It will be funded by an equity capital raising of $40 million which will also raise additional capital to fund transaction and restructuring costs and to provide working capital for the five new businesses.

 

 
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