David Jones is officially back in Australian ownership as Anchorage Capital Partners completes its acquisition.
Anchorage Capital Partners announced it has completed its acquisition of David Jones. The equity firm announced the acquisition in December last year following over six months of engagement from Anchorage Capital Partners to acquire the company from South Africa’s Woolworths Holdings Limited.
“We enter David Jones’ 185th year off the back of record results and exceptional holiday trading, we remain the premier destination for premium and luxury products and experiences, in-store and online,” said David Jones CEO Scott Fyfe. “With the support and financial commitment of Anchorage, we’ve secured the right investment to lead Australia’s retail industry into the future.”
Mr Fyfe will remain to lead the company as CEO through the ownership transition.
“This new partnership has added renewed vigour to the world’s oldest continuously operating department store, and we’re excited to seize the momentum and take our rightful place as Australia’s most iconic shopping destination.”
Anchorage is an Australian private equity firms, with extensive experience in retail and consumer investments over 25 years and a strong track record of investing in businesses to accelerate their growth and achieve their strategic and financial objectives. The Australian private equity company has recently invested in Brand Collective and grew its sales from less than five percent of total sales to greater than 20 percent. Before that, the company briefly acquired Dick Smith during which time tripled its stake in the company.
David Jones has had a strong start to the financial year, with Anchorage Capital Partners acquiring the business at its strongest since 2014. David Jones reported its first half results earlier this month delivering a $106 million EBITDA for the half year ending December 2022. As well as sales already rising 13.6 percent in the new year over January and February.
“We are proud to complete the acquisition of David Jones as it enters its next phase of growth and innovation,” said a representative from Anchorage Capital Partners. “We see a clear pathway of opportunities for David Jones as an established leader creating world-class in-store experiences through meaningful upgrades and seamless omnichannel experiences.”
“We look forward to working closely with CEO Scott Fyfe and his highly experienced management team to support the execution of David Jones’ Vision 2025+ strategy, which is already well underway.”
The David Jones Vision 2025+ strategy is to capitalises on its privileged market position and brand value to know and grow the customer base, be an omnichannel curator of world-class brands, deliver a seamless service experience, and leverage the skill and experience of its talented employees.
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