Marlin Brands Holdings, an Australian consumer business owned by investment holding company Coast2Coast Capital, have announced the acquisition of Albi, a leading Australian wholesaler of homeware products, as its growth strategy continues to gain momentum in Australia.
The acquisition comes into effect as of 28 June 2016, with the previous owners and key management retained for a minimum of three years.
Albi Managing Director, David Danziger commented: "We at Albi are thrilled to be joining Coast2Coast as we look ahead to being part of a new group of businesses in Australia that will complement each other and have many diverse skills. In many ways, particularly culturally, Coast2Coast and Albi are an excellent fit and, as this is most important with any acquisition, our executive team have signed on for a minimum of three years with the new group which is a huge vote of confidence."
Albi is Marlin Brand’s first acquisition in Australia and the business will be used as a platform to expand further in the homewares sector in Australia and New Zealand. Marlin Brands shareholder, Coast2Coast already owns a number of successful consumer brand businesses in South Africa, Spain and Poland.
Mr. Greg Kerr, the Managing Director of Marlin Brands Holdings, commented: "Albi is the perfect platform from which to build our homeware strategy in Australia and we are excited to partner with industry leaders such as David Danziger and the rest of his team. We look forward to continuing the growth path that Albi has been on in the last 30 years."
Marlin Brands is planning to build a market leader in homeware, kitchenware and related products in Australia and New Zealand by growing Albi organically and by acquiring further companies in the sector. The strategy is to ultimately list the company on the ASX, as a diversified player in the homeware sector that achieves above average growth and returns for its shareholders.
"In the group, we have to date partnered with over 30 business owners who have become part of the family and welcome the opportunity to partner with more business owners in Australia and New Zealand who are excited to form part of a larger, entrepreneurial group." Said Mr. Kerr.