Anchorage Capital Partners and Management, led by Nick Abboud have completed a release from the financial obligations to its former partner Woolworths.
The buyout coincides with the Phase 1 completion of Dick Smith’s turnaround initiative which has increased operational efficiency, profit margins and growth, since the initial takeover from Woolworths in 2012.
Dick Smith is a retailer of the latest technology products, from computers, to mobility, accessories and more. Dick Smith is a 1.3 billion dollar business, with 323 stores and over 4000 employees across Australia and New Zealand.
Nick Abboud, CEO of Dick Smith Australia and New Zealand says, “This is a very exciting day for Dick Smith - one that we have been working towards since Anchorage first came on board. The Dick Smith business is in a strong financial position with cash in the bank and no net debt. Based on Dick Smith’s performance over the last six months we are confident the business will continue to experience positive growth and performance as a major player in the Australian consumer electronics industry.”
“Dick Smith is committed to helping consumers get the most out of their technology and that starts in store. In the coming months we will be announcing a number of exciting initiatives that will see major changes to customers’ retail experience and an expansion of Dick Smith’s footprint throughout Australia and New Zealand.”