$350m sale a ‘Lotto win’ for brothers
The $350 million sale of retailer EziBuy has transformed two Manawatu brothers into instant multimillionaires.
Co-founders and brothers Peter and Gerard Gillespie started the company in Palmerston North in 1978….
Retail analyst and Coriolis Research director Tim Morris said the “unknown sleeper of New Zealand retail” had secured a very healthy sale price.
“That’s $600 a customer,” he said. “It looks more like a dotcom valuation than a boring old retail business valuation.”
Mr Morris suggested Woolworths would be hoping to drive significant growth in Australia, which only accounted for 60 per cent of EziBuy’s sales at present.
“The business is reasonably saturated in New Zealand but there’s still a lot of upside in Australia, and they’re buying based on that.”
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